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Forward Contract Definition | Becker

Accounting Dictionary

Forward Contract

 

  1. Forward contracts are similar to futures contracts, except that they are privately negotiated between two parties with the assistance of an intermediary, rather than through a clearinghouse. Forward contracts do not have standardized notional amounts or settlement dates. The terms of a forward contract are established by the parties to the contract. A nonstandardized cash market transaction in which the delivery of the commodity is deferred until after the contract has been made.

 

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