--- a/spec/latest/json-ld-api/index.html	Tue Apr 10 21:56:33 2012 +0800
+++ b/spec/latest/json-ld-api/index.html	Tue Apr 10 21:58:02 2012 +0800
@@ -1026,12 +1026,13 @@
     <ol class="algorithm">
       <li>If the <tref>active context</tref> contains a <tref>term</tref> mapping for the value using
         a case-sensitive comparison, use the mapped value as an IRI.</li>
-      <li>Otherwise, split the value into a <em>prefix</em> and <em>suffix</em> from the first occurrence of ':' not followed by '//'.</li>
+      <li>Otherwise, split the value into a <em>prefix</em> and <em>suffix</em> from the first occurrence of ':'.</li>
       <li>If the prefix is a '_' (underscore), the value represents a named <tref>blank node</tref>.</li>
-      <li>If the <tref>active context</tref> contains a <tref>term</tref> mapping for <em>prefix</em> using
-        a case-sensitive comparison, generate an <tref>IRI</tref>
-        by prepending the mapped prefix to the (possibly empty) suffix using textual concatenation. Note that an empty
-        suffix and no suffix (meaning the value contains no ':' string at all) are treated equivalently.</li>
+      <li>If <em>suffix</em> does not start with '//', and the <tref>active context</tref>
+        contains a <tref>term</tref> mapping for <em>prefix</em> using a case-sensitive comparison, generate
+        an <tref>IRI</tref> by prepending the mapped prefix to the (possibly empty) suffix using textual
+        concatenation. Note that an empty suffix and no suffix (meaning the value contains no ':' string at
+        all) are treated equivalently.</li>
       <li>Otherwise, use the value directly as an IRI.</li>
     </ol>
   </p>