what is the forward ?
a forward contract colloquially known as a forward is an agreement to buy or sell a commodity security or financial instrument at a specified future date at a specified price it is a completed contract and the commodity or financial asset will be delivered unlike an option which offers a choice of whether or not to complete the trade unlike futures contracts forwards are not contracts with standard terms they are tailor made between the buyer and seller for each trade and are bought and sold over the counter otc and not on an exchange 