In the financial market, often used for any binding legal agreement that is enforceable in a court of law or by binding arbitration. – Basic term used on commodity futures exchanges. It is more specifically – a legally binding agreement between two or more parties to – perform or refrain from performing a service. This is associated with – a precisely defined contract content in all details, e.g. the delivery of a specific quantity (lot) of goods – such as crude oil, grain – of a specific grade at a specific delivery date, place of delivery and price. – The written form (writtenness) is not absolutely necessary and is generally not customary on exchanges. – See attachment, European Master Agreement, contract, transferable, legal opinion, non-deliverable forwards, option, commodity forward, futures contract, futures speculator, transaction.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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