Which contract

Presented in an accessible and user-friendly style, Which Contract? The 6th edition of Which Contract? Choosing the Appropriate Building Contract 6th Edition is an essential desktop companion to any built environment trying to navigate the contemporary procurement landscape before starting a new project. He is a Partner in the London-based practice of Lupton Stellakis. Introduction Thinking about contracts Establishing a contract profile Which procurement method?

Which type of contract? Which contract form? Write your own review. Only registered users can write reviews. Customers who bought this item also bought. The RIBA Job Book is the Royal Institute of British Architects' long-established and recognised standard reference for running architectural projects and administering construction contracts.

Good Practice Guide: Fees Small Projects Handbook Construction Contracts: Law and Management Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. A futures contract is a legal agreement to buy or sell a particular commodity asset, or security at a predetermined price at a specified time in the future.

Futures contracts are standardized for quality and quantity to facilitate trading on a futures exchange. The buyer of a futures contract is taking on the obligation to buy and receive the underlying asset when the futures contract expires. The seller of the futures contract is taking on the obligation to provide and deliver the underlying asset at the expiration date. Futures are derivative financial contracts that obligate the parties to transact an asset at a predetermined future date and price.

Here, the buyer must purchase or the seller must sell the underlying asset at the set price, regardless of the current market price at the expiration date.

Underlying assets include physical commodities or other financial instruments. Futures contracts detail the quantity of the underlying asset and are standardized to facilitate trading on a futures exchange. Futures can be used for hedging or trade speculation. For example, you might hear somebody say they bought oil futures, which means the same thing as an oil futures contract.

Futures contracts are also one of the most direct ways to invest in oil. The term "futures" is more general, and is often used to refer to the whole market, such as, "They're a futures trader. Futures contracts are standardized, unlike forward contracts. Forwards are similar types of agreements that lock in a future price in the present, but forwards are traded over-the-counter OTC and have customizable terms that are arrived at between the counterparties.

Futures contracts, on the other hand, will each have the same terms regardless of who is the counterparty. Futures contracts are used by two categories of market participants: hedgers and speculators. Producers or purchasers of an underlying asset hedge or guarantee the price at which the commodity is sold or purchased, while portfolio managers and traders may also make a bet on the price movements of an underlying asset using futures.

An oil producer needs to sell its oil. They may use futures contracts to do it. This way they can lock in a price they will sell at, and then deliver the oil to the buyer when the futures contract expires.

Similarly, a manufacturing company may need oil for making widgets. Since they like to plan ahead and always have oil coming in each month, they too may use futures contracts. This way they know in advance the price they will pay for oil the futures contract price and they know they will be taking delivery of the oil once the contract expires.

Futures are available on many different types of assets. There are futures contracts on stock exchange indexes , commodities, and currencies. Imagine an oil producer plans to produce one million barrels of oil over the next year.

It will be ready for delivery in 12 months. The producer could produce the oil, and then sell it at the current market prices one year from today. Given the volatility of oil prices, the market price at that time could be very different than the current price. If the oil producer thinks oil will be higher in one year, they may opt not to lock in a price now.

A mathematical model is used to price futures, which takes into account the current spot price , the risk-free rate of return , time to maturity, storage costs, dividends, dividend yields, and convenience yields. Contracts are standardized. The CFTC is a federal agency created by Congress in to ensure the integrity of futures market pricing, including preventing abusive trading practices, fraud, and regulating brokerage firms engaged in futures trading.

Retail traders and portfolio managers are not interested in delivering or receiving the underlying asset. A retail trader has little need to receive 1, barrels of oil, but they may be interested in capturing a profit on the price moves of oil.

Which contract? Find out more. Free to use BIM project management tool provides step-by-step help to define, manage and validate responsibility for information development and delivery at each stage of the asset life cycle in level 2 BIM projects.

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