First, you close out your asset and liability accounts. In a forward contract, the buyer takes a long position to buy a certain amount of foreign currency at a specified future date.A forward contract is a customized contract between two parties to buy or sell an asset at a specified price on a future date. Instructions may be entered in the Filing Comments section at the time of filing. To be considered your proposal must be signed and notarized. CYD Service Delivery Area (SDA) originally included ZIP Codes 76106 and 76164. The. Net cash received from settlement of the receivable and forwardcontract derivative is: q c. The seller agrees to deliver this asset in the future, and the buyer agrees to purchase the asset in the future. The contract is an agreement between two parties to exchange a pair of currencies at a specific time in the future.