The buyer agrees to purchase the commodity or security at a predetermined future date and price, and the seller agrees to deliver. (wellsfargoadvisors.com)
Futures are financial contracts obligating the buyer to purchase an asset or the seller to sell an asset, such as a physical commodity or a financial instrument, at a predetermined future date and price. (investopedia.com)
Payments are issued on a predetermined future date. (trustedchoice.com)