{"component": "clause", "props": {"groups": [{"snippet_links": [{"key": "obligation-to", "type": "clause", "offset": [36, 49]}, {"key": "delivery-of-the", "type": "clause", "offset": [68, 83]}, {"key": "underlying-asset", "type": "clause", "offset": [84, 100]}, {"key": "the-contract", "type": "definition", "offset": [104, 116]}, {"key": "future-date", "type": "definition", "offset": [122, 133]}, {"key": "the-investment-adviser", "type": "clause", "offset": [162, 184]}, {"key": "high-degree-of-risk", "type": "definition", "offset": [269, 288]}, {"key": "futures-trading", "type": "clause", "offset": [338, 353]}, {"key": "down-payment", "type": "definition", "offset": [384, 396]}, {"key": "the-value", "type": "clause", "offset": [548, 557]}, {"key": "for-the-investment", "type": "definition", "offset": [658, 676]}, {"key": "contingent-liability", "type": "definition", "offset": [714, 734]}, {"key": "in-particular", "type": "clause", "offset": [808, 821]}], "size": 44, "samples": [{"hash": "4QFMK1oJUhR", "uri": "/contracts/4QFMK1oJUhR#futures", "label": "Sub Advisory Agreement (Morgan Stanley ETF Trust)", "score": 34.0746078491, "published": true}, {"hash": "9fZhHxdTeDF", "uri": "/contracts/9fZhHxdTeDF#futures", "label": "Sub Advisory Agreement (Morgan Stanley ETF Trust)", "score": 32.7604370117, "published": true}, {"hash": "k05QGtFHOQR", "uri": "/contracts/k05QGtFHOQR#futures", "label": "Sub Advisory Agreement (Morgan Stanley Institutional Fund Inc)", "score": 31.5284061432, "published": true}], "snippet": "Transactions in futures involve the obligation to make, or to take, delivery of the underlying asset of the contract at a future date, or in some cases to settle the Investment Adviser\u2019s position with cash from a Portfolio or elsewhere. Transactions in futures carry a high degree of risk. The \u201cgearing\u201d or \u201cleverage\u201d often obtainable in futures trading means that a small deposit or down payment can lead to large losses as well as gains. It also means that a relatively small market movement can lead to a proportionately much larger movement in the value of the Investment Adviser\u2019s investment, and this can work against the Investment Adviser as well as for the Investment Adviser. Futures transactions have a contingent liability, and the Investment Adviser should be aware of the implications of this, in particular the margining requirements, which are described in paragraph 7.2 below.", "hash": "7f70f41928b6a97959e2cebf0d589c2a", "id": 1}, {"snippet_links": [{"key": "obligation-to", "type": "clause", "offset": [64, 77]}, {"key": "delivery-of-the", "type": "clause", "offset": [93, 108]}, {"key": "underlying-asset", "type": "clause", "offset": [109, 125]}, {"key": "the-contract", "type": "definition", "offset": [129, 141]}, {"key": "future-date", "type": "definition", "offset": [147, 158]}, {"key": "the-position", "type": "clause", "offset": [187, 199]}, {"key": "high-degree-of-risk", "type": "definition", "offset": [224, 243]}, {"key": "futures-trading", "type": "clause", "offset": [293, 308]}, {"key": "down-payment", "type": "definition", "offset": [339, 351]}, {"key": "small-amount", "type": "definition", "offset": [427, 439]}, {"key": "the-value", "type": "clause", "offset": [494, 503]}, {"key": "your-investment", "type": "clause", "offset": [507, 522]}, {"key": "contingent-liability", "type": "definition", "offset": [602, 622]}, {"key": "in-particular", "type": "clause", "offset": [677, 690]}, {"key": "set-out", "type": "definition", "offset": [729, 736]}], "size": 24, "samples": [{"hash": "5CdNBT0szzG", "uri": "/contracts/5CdNBT0szzG#futures", "label": "Eligible Counterparty Agreement", "score": 32.1366271973, "published": true}, {"hash": "gWyCXLmschJ", "uri": "/contracts/gWyCXLmschJ#futures", "label": "Professional Client Agreement", "score": 31.87458992, "published": true}, {"hash": "f9WBpnm0URK", "uri": "/contracts/f9WBpnm0URK#futures", "label": "Eligible Counterparty Agreement", "score": 31.0334682465, "published": true}], "snippet": "Transactions in futures (sometimes called forwards) involve the obligation to make, or take, delivery of the underlying asset of the contract at a future date, or in some cases to settle the position with cash. They carry a high degree of risk. The \u2018gearing\u2019 or \u2018leverage\u2019 often obtainable in futures trading means that a small deposit or down payment can lead to large losses as well as gains. It also means that a relatively small amount can lead to a proportionately much larger movement in the value of your investment, and this can work against you as well as for you. Futures transactions have a contingent liability, and you should be aware of the implications of this, in particular the margining requirements, which are set out in paragraph 3.15 below.\u200c", "hash": "4f7b503956cdd24cf239b1bdb4fd71ce", "id": 5}, {"snippet_links": [{"key": "prices-quoted", "type": "clause", "offset": [68, 81]}, {"key": "relevant-exchange", "type": "definition", "offset": [89, 106]}, {"key": "pricing-sources", "type": "clause", "offset": [125, 140]}, {"key": "spot-rates", "type": "clause", "offset": [222, 232]}, {"key": "daily-basis", "type": "clause", "offset": [290, 301]}, {"key": "pricing-model", "type": "definition", "offset": [333, 346]}, {"key": "date-of", "type": "clause", "offset": [405, 412]}, {"key": "present-value", "type": "definition", "offset": [444, 457]}, {"key": "the-net", "type": "clause", "offset": [484, 491]}, {"key": "broker-or-dealer", "type": "clause", "offset": [642, 658]}, {"key": "the-counterparty", "type": "definition", "offset": [670, 686]}, {"key": "the-instrument", "type": "clause", "offset": [813, 827]}, {"key": "terminate-the-contract", "type": "clause", "offset": [831, 853]}], "size": 30, "samples": [{"hash": "jSUmAA3Iwt8", "uri": "/contracts/jSUmAA3Iwt8#futures", "label": "Authorized Participant Agreement (USCF Funds Trust)", "score": 28.4852848053, "published": true}, {"hash": "lY7WcaFmHRw", "uri": "/contracts/lY7WcaFmHRw#futures", "label": "Authorized Participant Agreement (United States Short Oil Fund, LP)", "score": 27.2176589966, "published": true}, {"hash": "1IO2bg3HpDO", "uri": "/contracts/1IO2bg3HpDO#futures", "label": "Authorized Participant Agreement (United States 12 Month Natural Gas Fund, LP)", "score": 27.2176589966, "published": true}], "snippet": "Futures traded on exchanges are valued using the closing settlement prices quoted on the relevant exchange and obtained from pricing sources, typically Bloomberg or Reuters. BBH obtains the WM Reuters London Close closing spot rates and the WM Reuters London Close forward point rates on a daily basis. The currency forward contract pricing model derives the differential in point rates to the expiration date of the forward and calculates its present value. The forward is valued at the net of the present value and the spot rate. Swaps and other similar derivative or contractual type instruments are valued at a price provided by a single broker or dealer, typically the counterparty. If no such price is available, the contract is valued at a price at which the counterparty to such contract would repurchase the instrument or terminate the contract.", "hash": "91c793ee15246f2aaf04d679e36f33d4", "id": 2}, {"snippet_links": [{"key": "effect-of", "type": "definition", "offset": [0, 9]}, {"key": "high-degree-of-risk", "type": "definition", "offset": [66, 85]}, {"key": "initial-margin", "type": "definition", "offset": [101, 115]}, {"key": "the-value", "type": "clause", "offset": [137, 146]}, {"key": "futures-contract", "type": "definition", "offset": [154, 170]}, {"key": "the-funds", "type": "clause", "offset": [301, 310]}, {"key": "loss-of", "type": "definition", "offset": [425, 432]}, {"key": "margin-funds", "type": "clause", "offset": [441, 453]}, {"key": "funds-deposited", "type": "clause", "offset": [473, 488]}, {"key": "the-firm", "type": "clause", "offset": [494, 502]}, {"key": "to-maintain", "type": "clause", "offset": [523, 534]}, {"key": "your-position", "type": "clause", "offset": [535, 548]}, {"key": "the-market", "type": "definition", "offset": [553, 563]}, {"key": "to-pay", "type": "clause", "offset": [647, 653]}, {"key": "notice-to", "type": "definition", "offset": [692, 701]}, {"key": "comply-with", "type": "definition", "offset": [741, 752]}, {"key": "request-for-additional-funds", "type": "clause", "offset": [755, 783]}], "size": 28, "samples": [{"hash": "efWnjGWi2gr", "uri": "/contracts/efWnjGWi2gr#futures", "label": "Futures Individual Client Agreement", "score": 25.6036968231, "published": true}, {"hash": "ip3yLH24K8R", "uri": "/contracts/ip3yLH24K8R#futures", "label": "Futures Individual Client Agreement", "score": 25.5379867554, "published": true}, {"hash": "8cAuBIY3CJA", "uri": "/contracts/8cAuBIY3CJA#futures", "label": "Client\u2019s Account Agreement", "score": 24.7152633667, "published": true}], "snippet": "Effect of 'Leverage' or 'Gearing' Transactions in futures carry a high degree of risk. The amount of initial margin is small relative to the value of the futures contract so that transactions are 'leveraged' or 'geared'. A relatively small market movement will have a proportionately larger impact on the funds you have deposited or will have to deposit: this may work against you as well as for you. You may sustain a total loss of initial margin funds and any additional funds deposited with the firm with which you deal to maintain your position. If the market moves against your position or margin levels are increased, you may be called upon to pay substantial additional funds on short notice to maintain your position. If you fail to comply with a request for additional funds within the time prescribed, your position may be liquidated at a loss and you will be liable for any resulting deficit.", "hash": "bcccd8f7be846837bca3573903a4e2a2", "id": 3}, {"snippet_links": [{"key": "obligation-to", "type": "clause", "offset": [36, 49]}, {"key": "delivery-of-the", "type": "clause", "offset": [68, 83]}, {"key": "underlying-asset", "type": "clause", "offset": [84, 100]}, {"key": "the-contract", "type": "definition", "offset": [104, 116]}, {"key": "future-date", "type": "definition", "offset": [122, 133]}, {"key": "the-fund", "type": "clause", "offset": [193, 201]}, {"key": "high-degree-of-risk", "type": "definition", "offset": [248, 267]}], "size": 25, "samples": [{"hash": "foenOET95NN", "uri": "/contracts/foenOET95NN#futures", "label": "Investment Sub Advisory Agreement (Van Kampen Equity Trust Ii)", "score": 18.0, "published": true}, {"hash": "fYM2WOXnyOZ", "uri": "/contracts/fYM2WOXnyOZ#futures", "label": "Investment Sub Advisory Agreement (Van Kampen Trust II)", "score": 18.0, "published": true}, {"hash": "bntaohMuDkY", "uri": "/contracts/bntaohMuDkY#futures", "label": "Investment Sub Advisory Agreement (Van Kampen Equity Trust)", "score": 18.0, "published": true}], "snippet": "Transactions in futures involve the obligation to make, or to take, delivery of the underlying asset of the contract at a future date, or in some cases to settle VKAM's position with cash from the Fund or elsewhere. Transactions in futures carry a high degree of risk. The \"gearing\"", "hash": "1c1ad445df5849108c8f68e97f2833ed", "id": 4}, {"snippet_links": [{"key": "in-accordance-with", "type": "clause", "offset": [13, 31]}, {"key": "the-provisions-of", "type": "clause", "offset": [32, 49]}, {"key": "the-custodian", "type": "definition", "offset": [80, 93]}, {"key": "futures-commission-merchant", "type": "definition", "offset": [101, 128]}, {"key": "commodity-exchange-act", "type": "definition", "offset": [150, 172]}, {"key": "relating-to", "type": "definition", "offset": [174, 185]}, {"key": "rules-of", "type": "definition", "offset": [206, 214]}, {"key": "commodity-futures-trading-commission", "type": "clause", "offset": [219, 255]}, {"key": "similar-organization", "type": "definition", "offset": [288, 308]}, {"key": "the-investment-company-act-of-1940", "type": "clause", "offset": [330, 364]}, {"key": "account-deposits", "type": "clause", "offset": [376, 392]}, {"key": "in-connection-with", "type": "clause", "offset": [393, 411]}, {"key": "by-the-fund", "type": "clause", "offset": [425, 436]}, {"key": "receipt-of-instructions", "type": "clause", "offset": [470, 493]}, {"key": "the-transfer-agent", "type": "definition", "offset": [499, 517]}, {"key": "holders-of-shares", "type": "clause", "offset": [597, 614]}, {"key": "distributions-in-kind", "type": "clause", "offset": [634, 655]}, {"key": "from-time-to-time", "type": "clause", "offset": [677, 694]}, {"key": "prospectus-and-statement-of-additional-information", "type": "clause", "offset": [729, 779]}, {"key": "satisfaction-of", "type": "clause", "offset": [799, 814]}, {"key": "requests-by-holders", "type": "clause", "offset": [815, 834]}, {"key": "repurchase-or-redemption", "type": "clause", "offset": [849, 873]}], "size": 22, "samples": [{"hash": "pkhNROlMNn", "uri": "/contracts/pkhNROlMNn#futures", "label": "Custodian Agreement (Price T Rowe Personal Strategy Funds Inc)", "score": 18.0, "published": true}, {"hash": "lrHsv3CIOYP", "uri": "/contracts/lrHsv3CIOYP#futures", "label": "Custodian Agreement (Price T Rowe Tax Free Insured Intermediate Bond Fund Inc)", "score": 18.0, "published": true}, {"hash": "kPFA4FUFCJ", "uri": "/contracts/kPFA4FUFCJ#futures", "label": "Custodian Agreement (Reserve Investment Funds Inc)", "score": 18.0, "published": true}], "snippet": "For delivery in accordance with the provisions of any agreement among the Fund, the Custodian, and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, any similar organization or organizations, or the Investment Company Act of 1940, regarding account deposits in connection with transactions by the Fund; 14) In-Kind Distributions. Upon receipt of instructions from the transfer agent (\"Transfer Agent\") for the Fund, for delivery to such Transfer Agent or to the holders of shares in connection with distributions in kind, as may be described from time to time in the Fund's currently effective prospectus and statement of additional information (\"prospectus\"), in satisfaction of requests by holders of Shares for repurchase or redemption;", "hash": "8b55d3054a60236edd49fb9be452a3d3", "id": 6}, {"snippet_links": [{"key": "obligation-to", "type": "clause", "offset": [36, 49]}, {"key": "delivery-of-the", "type": "clause", "offset": [68, 83]}, {"key": "underlying-asset", "type": "clause", "offset": [84, 100]}, {"key": "the-contract", "type": "definition", "offset": [104, 116]}, {"key": "future-date", "type": "definition", "offset": [122, 133]}, {"key": "the-position", "type": "clause", "offset": [162, 174]}, {"key": "high-degree-of-risk", "type": "definition", "offset": [199, 218]}, {"key": "futures-trading", "type": "clause", "offset": [264, 279]}, {"key": "down-payment", "type": "definition", "offset": [310, 322]}, {"key": "the-value", "type": "clause", "offset": [467, 476]}, {"key": "your-investment", "type": "clause", "offset": [480, 495]}, {"key": "contingent-liability", "type": "definition", "offset": [575, 595]}, {"key": "in-particular", "type": "clause", "offset": [650, 663]}, {"key": "set-out", "type": "definition", "offset": [702, 709]}], "size": 20, "samples": [{"hash": "fGsR0wFbEMY", "uri": "/contracts/fGsR0wFbEMY#futures", "label": "Customer Agreement", "score": 28.2085037231, "published": true}, {"hash": "8dgSU0zPnZF", "uri": "/contracts/8dgSU0zPnZF#futures", "label": "Customer Agreement", "score": 28.1373329163, "published": true}, {"hash": "b6MJ5Qm0yvJ", "uri": "/contracts/b6MJ5Qm0yvJ#futures", "label": "Customer Agreement", "score": 24.4565372467, "published": true}], "snippet": "Transactions in futures involve the obligation to make, or to take, delivery of the underlying asset of the contract at a future date, or in some cases to settle the position with cash. They carry a high degree of risk. The gearing or Leverage often obtainable in futures trading means that a small deposit or down payment can lead to large losses as well as gains. It also means that a relatively small movement can lead to a proportionately much larger movement in the value of your investment, and this can work against you as well as for you. Futures transactions have a contingent liability, and you should be aware of the implications of this, in particular the margining requirements, which are set out below.", "hash": "0ccb47dd10185bcea1a06923021a5b04", "id": 7}, {"snippet_links": [{"key": "obligation-to", "type": "clause", "offset": [36, 49]}, {"key": "delivery-of-the", "type": "clause", "offset": [68, 83]}, {"key": "underlying-asset", "type": "clause", "offset": [84, 100]}, {"key": "the-contract", "type": "definition", "offset": [104, 116]}, {"key": "future-date", "type": "definition", "offset": [122, 133]}, {"key": "the-position", "type": "clause", "offset": [162, 174]}, {"key": "high-degree-of-risk", "type": "definition", "offset": [199, 218]}], "size": 16, "samples": [{"hash": "cndXXbkNl3h", "uri": "/contracts/cndXXbkNl3h#futures", "label": "Professional Clients and Eligible Counterparty Agreement", "score": 34.1706047058, "published": true}, {"hash": "csuD3BJLzPb", "uri": "/contracts/csuD3BJLzPb#futures", "label": "Professional Clients and Eligible Counterparty Agreement", "score": 33.4739570618, "published": true}, {"hash": "a0H3UviMBdl", "uri": "/contracts/a0H3UviMBdl#futures", "label": "Professional Client and Eligible Counterparty Agreement", "score": 32.1913757324, "published": true}], "snippet": "Transactions in futures involve the obligation to make, or to take, delivery of the underlying Asset of the contract at a future date, or in some cases to settle the Position with cash. They carry a high degree of risk.", "hash": "9eb8e26dd14d050e05aac43d4b4d9976", "id": 8}, {"snippet_links": [{"key": "in-accordance-with", "type": "clause", "offset": [13, 31]}, {"key": "the-provisions-of", "type": "clause", "offset": [32, 49]}, {"key": "the-custodian", "type": "definition", "offset": [80, 93]}, {"key": "futures-commission-merchant", "type": "definition", "offset": [101, 128]}, {"key": "commodity-exchange-act", "type": "definition", "offset": [150, 172]}, {"key": "relating-to", "type": "definition", "offset": [174, 185]}, {"key": "rules-of", "type": "definition", "offset": [206, 214]}, {"key": "commodity-futures-trading-commission", "type": "clause", "offset": [219, 255]}, {"key": "similar-organization", "type": "definition", "offset": [288, 308]}, {"key": "the-investment-company-act-of-1940", "type": "clause", "offset": [330, 364]}, {"key": "account-deposits", "type": "clause", "offset": [376, 392]}, {"key": "in-connection-with", "type": "clause", "offset": [393, 411]}, {"key": "by-the-fund", "type": "clause", "offset": [425, 436]}], "size": 11, "samples": [{"hash": "jqdal6RHjq6", "uri": "/contracts/jqdal6RHjq6#futures", "label": "Custodian Agreement (Calvert Social Investment Fund)", "score": 18.0, "published": true}, {"hash": "ef1bMzfxsqN", "uri": "/contracts/ef1bMzfxsqN#futures", "label": "Custodian Agreement (First Variable Rate Fund for Government Income /Md/)", "score": 18.0, "published": true}, {"hash": "4F73K3YNFAe", "uri": "/contracts/4F73K3YNFAe#futures", "label": "Custodian Agreement (Calvert Variable Series Inc)", "score": 18.0, "published": true}], "snippet": "For delivery in accordance with the provisions of any agreement among the Fund, the Custodian, and a Futures Commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, any similar organization or organizations, or the Investment Company Act of 1940, regarding account deposits in connection with transactions by the Fund;", "hash": "b866d09cc4cb3ea5dd04edf57d74689d", "id": 9}, {"snippet_links": [{"key": "underlying-instrument", "type": "definition", "offset": [61, 82]}, {"key": "the-future", "type": "clause", "offset": [111, 121]}, {"key": "set-price", "type": "definition", "offset": [132, 141]}, {"key": "the-price", "type": "clause", "offset": [143, 152]}, {"key": "futures-contract", "type": "definition", "offset": [158, 174]}, {"key": "equal-to", "type": "definition", "offset": [178, 186]}, {"key": "price-of-the", "type": "clause", "offset": [191, 203]}, {"key": "underlying-asset", "type": "clause", "offset": [204, 220]}, {"key": "delivery-date", "type": "clause", "offset": [228, 241]}, {"key": "high-degree-of-risk", "type": "definition", "offset": [275, 294]}, {"key": "subject-to", "type": "definition", "offset": [300, 310]}, {"key": "margin-requirements", "type": "definition", "offset": [311, 330]}, {"key": "financial-commitments", "type": "definition", "offset": [347, 368]}, {"key": "cost-of-acquisition", "type": "definition", "offset": [403, 422]}, {"key": "initial-margin", "type": "definition", "offset": [438, 452]}, {"key": "value-of-the-contract", "type": "definition", "offset": [518, 539]}, {"key": "the-funds", "type": "clause", "offset": [670, 679]}, {"key": "loss-of", "type": "definition", "offset": [794, 801]}, {"key": "margin-funds", "type": "clause", "offset": [810, 822]}, {"key": "funds-deposited", "type": "clause", "offset": [849, 864]}, {"key": "the-firm", "type": "clause", "offset": [870, 878]}, {"key": "to-maintain", "type": "clause", "offset": [879, 890]}, {"key": "your-position", "type": "clause", "offset": [891, 904]}, {"key": "the-market", "type": "definition", "offset": [909, 919]}, {"key": "to-pay", "type": "clause", "offset": [1003, 1009]}, {"key": "notice-to", "type": "definition", "offset": [1048, 1057]}, {"key": "comply-with", "type": "definition", "offset": [1097, 1108]}, {"key": "request-for-additional-funds", "type": "clause", "offset": [1111, 1139]}], "size": 9, "samples": [{"hash": "9gLZ2qfuwVr", "uri": "/contracts/9gLZ2qfuwVr#futures", "label": "Advisory Agreement", "score": 25.0396995544, "published": true}, {"hash": "bWwqcznB51g", "uri": "/contracts/bWwqcznB51g#futures", "label": "Advisory Agreement", "score": 22.7344284058, "published": true}, {"hash": "6VQyMq0tfvo", "uri": "/contracts/6VQyMq0tfvo#futures", "label": "Execution Only, Professional Client Terms and Conditions", "score": 22.0780296326, "published": true}], "snippet": "contract is a standardised contract to buy or sell a certain underlying instrument at a pre-determined date in the future, at a pre-set price. The price of a futures contract is equal to the price of the underlying asset on the delivery date. Transactions in futures carry a high degree of risk, are subject to margin requirements and bring about financial commitments and liabilities additional to the cost of acquisition. The amount of initial margin required to initiate a futures contract is small relative to the value of the contract so that transactions are \u201cleveraged\u201d or \u201cgeared\u201d. A relatively small market movement will have a proportionately larger impact on the funds you have deposited or will have to deposit. This may work against you as well as for you. You may sustain a total loss of initial margin funds as well as any additional funds deposited with the firm to maintain your position. If the market moves against your position or margin levels are increased, you may be called upon to pay substantial additional funds on short notice to maintain your position. If you fail to comply with a request for additional funds within the time prescribed, your position may be liquidated at a loss and you will be liable for any resulting deficit.", "hash": "0b78a8596aaeb12cca42ff7fd3f86b3f", "id": 10}], "next_curs": "ClASSmoVc35sYXdpbnNpZGVyY29udHJhY3RzciwLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhBmdXR1cmVzIzAwMDAwMDBhDKIBAmVuGAAgAA==", "clause": {"children": [["auto-liquidation", "Auto-Liquidation"], ["risk-of-loss-in-trading-futures", "Risk of Loss in Trading Futures"], ["nature-of-futures", "Nature of Futures"], ["risk-reducing-orders-or-strategies", "Risk-Reducing Orders or Strategies"], ["non-professional-user", "Non-Professional User"]], "size": 402, "title": "Futures", "parents": [["derivatives", "Derivatives"], ["risk-disclosure", "RISK DISCLOSURE"], ["governing-law", "Governing Law"], ["limited-liability", "Limited Liability"], ["other-agreements", "Other agreements"]], "id": "futures", "related": [["swaps", "Swaps", "Swaps"], ["futures-contracts", "Futures Contracts", "<strong>Futures</strong> Contracts"], ["risk-management", "Risk Management", "Risk Management"], ["commodity-contracts", "Commodity Contracts", "Commodity Contracts"], ["rejected-commodities", "Rejected Commodities", "Rejected Commodities"]], "related_snippets": [], "updated": "2026-02-26T05:44:22+00:00", "also_ask": ["What key terms must be included in a 'Futures' clause to ensure enforceability?", "How can parties strategically allocate risk in a 'Futures' clause during negotiations?", "What are the most common legal pitfalls or fatal flaws in drafting 'Futures' clauses?", "How do 'Futures' clauses compare to similar provisions in other jurisdictions or under different regulatory regimes?", "What factors do courts consider when determining the validity and enforceability of a 'Futures' clause?"], "drafting_tip": "Specify the types of futures covered to prevent misinterpretation; define parties\u2019 obligations clearly to ensure enforceability; include termination conditions to manage risk exposure.", "explanation": "The 'Futures' clause defines the terms and conditions under which parties may enter into contracts for the future delivery of goods, services, or financial instruments. Typically, this clause outlines the obligations of each party regarding the quantity, quality, price, and delivery date of the underlying asset, and may specify procedures for settlement or margin requirements. Its core practical function is to provide a clear framework for managing future commitments and mitigating risks associated with price fluctuations or non-performance."}, "json": true, "cursor": ""}}