UNSPSC 64111702: Forward contract, commodity

A non-standardized contract between two parties to buy or to sell a commodity asset at a specified future time at a price agreed upon today. Usually arranged on an over the counter OTC basis, e.g., outside of an established exchange, the party agreeing to buy the underlying commodity asset in the future assumes a long position, and the party agreeing to sell the asset in the future assumes a short position. The price agreed upon is called the delivery price, which is equal to the forward price at the time the contract is entered into.

The price of the underlying commodity, in whatever form, is paid before control of the commodity changes.

UNSPSC 64111702 Forward contract, commodity is a Commodity-tier code purchasing financial forward contracts and commodity hedging instruments used by state and local government treasuries, county finance departments, and school districts to manage interest rate, currency, and commodity price exposure. Recent state and local solicitations under this code reflect demand for a diverse range of treasury and financial services: liquidity facilities for commercial paper programs, arbitrage compliance services for tax-exempt bond portfolios, custodial and investment management for auto-IRA programs, master banking services spanning lockbox processing, merchant card services, purchasing card programs, and treasury account management, and secure custody for strategic cryptocurrency reserves. Issuing bodies include county finance departments (Broward County, Okaloosa County), state financial agencies (Washington Saves Governing Board, Texas Comptroller of Public Accounts, Texas Water Development Board), municipalities (City of Dallas), and independent school districts (Manor ISD). Procurement vehicle types include RFPs, RFQs, and competitive sealed proposals, with small business enterprise (SBE) or comparable certifications applying in many jurisdictions.

Geographic activity concentrates in Florida, Texas, and Washington, with recent high-value solicitations originating from Broward County Finance Department (Master Banking Services RFP, due October 13, 2026, covering lockbox, merchant card, purchasing card, treasury, and custodial services for a county managing approximately $50 million in annual utility lockbox volume and $150 million in annual merchant card transactions), the City of Dallas (Commercial Paper Liquidity Provider proposals, due May 22, 2026, for three capital programs totaling up to $775 million in short-term financing authorization across GO, airport, and stormwater programs), the Texas Comptroller (Bitcoin custody and liquidity services for the Texas Strategic Bitcoin Reserve, proposals due July 10, 2026), the Texas Water Development Board (Arbitrage Compliance Services RFQ for 39 outstanding bond issues, due May 28, 2026, with a maximum project cost not to exceed $363,000), Okaloosa County (Arbitrage Consulting Services ITQ, due July 15, 2026), Washington Saves Governing Board (Program Administration and Investment Management Services RFP, due October 9, 2026, with a seven-year initial contract term and July 2027 program launch target), and Manor ISD (Underwriting Services RFQ, due July 27, 2026). These opportunities indicate active refinancing cycles, retirement-savings program implementation, and treasury modernization driving demand across the code.