The delivery date, also known as the value date or maturity date, is the final date by which the currency that was sold in a forward or futures contract must be delivered for the terms of the contract to be fulfilled. In a forward contract, the delivery date (and the underlying amount of currency) can be agreed upon by the parties. By contrast, both the delivery date and the underlying amount per contract are standardised in currency futures contracts. In an open forward contract, delivery can occur before the originally agreed upon delivery date. When both parties are legally obliged to exchange the funds precisely on the delivery date, the forward contract is said to be’ closed’ or ‘standard’.