Distinguish between the concepts of future contract and forward contract.

In finance, a futures contract (sometimes called a futures) is a standardized legal contract to buy or sell something at a predetermined price for delivery at a specified time in the future, between parties not yet known to each other. The asset transacted is usually a commodity or financial instrument. The predetermined price of the contract is known as the forward price. The specified time in the future when delivery and payment occur is known as _______ __________ ______ ____ ________ ______ _______ __________ ________ ____.
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