Future Commodity Sale

The price is paid at the time of contracting and the commodity delivered at a specific place at a pre-agreed future time.

The commodity:

  • must not already be available in the market
  • must not be specific, it must be interchangeable with other goods of the same kind,
  • type, quantity and quality must be agreed by the parties
  • and its price
    • must not be of the same kind, or of variable qualities of the same thing
    • must be known and agreed by the parties

The bank may make a Pledge or a Guaranty a condition of the sale.