UNSPSC 64111708: Spot price contract

A contract, usually concluded on the floor of an exchange, for buying or selling a commodity, security or currency for settlement --payment and delivery-- on the spot date, which is normally two business days after the trade date. The settlement price or rate is called spot price or spot rate. A spot contract is in contrast with a forward contract or futures contract where contract terms are agreed now but delivery and payment will occur at a future date.

UNSPSC 64111708 Spot price contract is a Commodity code tracking state and local governments' procurement of financial services and banking products under spot-price or rate-card arrangements. Recent solicitations show governments buying master banking services across lockbox processing, merchant card acquiring, purchasing card programs, treasury management, and custodial services; program administration and investment management for state-facilitated retirement savings programs; arbitrage compliance consulting for tax-exempt bond portfolios; commercial paper liquidity facilities; and cryptocurrency custody services. The issuing bodies span large counties (Broward County, Florida; Okaloosa County, Florida), state agencies (Washington Saves Governing Board, Texas Comptroller of Public Accounts, Texas Water Development Board), cities (City of Dallas), and school districts (Manor Independent School District). Work is typically solicited through RFP, RFQ, or ITQ (invitation to quote) with responses due 30–90 days after posting; vendors commonly must demonstrate five or more years of relevant experience, carry professional liability and cyber insurance, submit SOC 1 or SOC 2 Type II audit reports, and comply with payment card industry standards, tax code requirements, or state treasury regulations depending on the service line.

Geographic activity concentrates in Texas (Dallas, Texas Comptroller, Texas Water Development Board, Manor ISD) and Florida (Broward County, Okaloosa County), with single recent solicitations from Washington State (Washington Saves) representing broader interstate interest. Representative recent opportunities include Broward County Finance and Administrative Services Department's RFP for Master Banking Services (posted August 24, 2026, due October 13, 2026) spanning five banking service groups with a pre-proposal meeting drawing 42 participants from 18 vendors including JPMorgan Chase, Wells Fargo Bank, and UMB Bank; the City of Dallas's RFP for Commercial Paper Liquidity Providers (posted April 30, 2026, due May 22, 2026) supporting $775 million across three capital programs with SBE participation goals of 3.71–38 percent depending on service line; the Texas Comptroller's RFP for cryptocurrency custody services for the Texas Strategic Bitcoin Reserve (posted June 22, 2026, due July 10, 2026); and the Texas Water Development Board's RFQ for arbitrage compliance services (posted May 28, 2026, due May 28, 2026) with a maximum total project cost of $363,000 and anticipated contract start of September 1, 2026. Most contracts carry multi-year initial terms (three to seven years) with optional renewal periods, and many require vendor demonstrations or presentations to shortlisted proposers.