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Simple English definitions for legal terms

forward cover

Read a random definition: modus

A quick definition of forward cover:

A forward cover is when someone buys a product to fulfill a promise they made to buy that product in the future. This promise is called a forward contract. A contract is an agreement between two or more people that is legally binding. It can be written down or just agreed upon verbally. When people talk about a contract, they usually mean the agreement, not the physical document.

A more thorough explanation:

Definition: Forward cover refers to the purchase of a cash commodity to fulfill the obligation of a forward contract.

A forward contract is an agreement between two or more parties that creates enforceable obligations. It involves the purchase or sale of an asset at a predetermined price and date in the future. Forward cover is used to fulfill the obligation of a forward contract by purchasing the underlying asset in the cash market.

For example, let's say a company enters into a forward contract to purchase 1,000 barrels of crude oil at $50 per barrel in six months. To fulfill this obligation, the company can purchase 1,000 barrels of crude oil in the cash market at the current market price, which may be higher or lower than the forward price. This purchase of crude oil in the cash market is known as forward cover.

Another example could be a farmer who enters into a forward contract to sell 500 bushels of wheat at $5 per bushel in three months. To fulfill this obligation, the farmer can sell 500 bushels of wheat in the cash market at the current market price, which may be higher or lower than the forward price. This sale of wheat in the cash market is known as forward cover.

In both examples, forward cover is used to fulfill the obligation of a forward contract by purchasing or selling the underlying asset in the cash market.

forward contract | forwarding agent

General

General chat about the legal profession.

General >T14 Off Topic

👍 Chat vibe: 0 👎

glovediedthisishismom

10:35

https://open.spotify.com/track/5Ss6DqCldgTmIo6BekVOJT?si=2f204de5813148d7

Mostlylegal

10:36

also my softs are bordering t3-t2. would it be worth for me to R+R if im trying for t4

soap

10:36

Maybe see where you get in, then R&R if you feel it’s necessary?

m10

10:36

Psyop guys will try and convince you they are like secret masterminds. I had this one guy whose wife would call me every week and she would tell me about how her husband just like disappeared and could not be found cus he was a specialy trained psyop officer. I found his phone number and called him the same day online. That woman was gaslit so hard.

babycat

10:37

is t4 HYSC? yeah prob your odds are not too great for those with 3.7 and 171 unless you’re really extraordinary

WorthlessAttractiveZombie

10:37

I agree with soap on this one, just wait it out and see where you get into. You could always transfer (although I wouldn't go in with the intention of transferring)

soap

10:37

Transferring is hard and you don’t get money. I wouldn’t do anything with the intent of transferring

[] texaslawhopefully

10:38

Disagree with the transfer. But, yeah a 3.7, 171 is not HYSC material—so unless you’re a Rhodes scholar, or something it is highly unlikely.

JumpySubsequentDolphin

10:38

did he mean t14

JumpySubsequentDolphin

10:38

I’ve never heard anyone call it t4 hahah

JumpySubsequentDolphin

10:39

I thought it was always t6 and t3

soap

10:39

If you’re aiming for T14, that’s definitely doable

Mostlylegal

10:39

nah t4 is a thing, maybe old ive been on lsa and lsd for like 4 years now lol

m10

10:39

Fuck this all reminds me. I got to call and see if I am still being deposed.

JumpySubsequentDolphin

10:40

@Mostlylegal: oh oops hehe

BulbasaurNoLikeCardio

10:40

@m10: most of PSYOP are guys who failed SFAS and Ranger so much so they can't go back and think being SOCOM makes them SF. I loved the cultural side of it all, going to embassies and running influence operations. Doing KLEs and training with foreign militaries was amazing. Learned so much about the world by talking to those who live all over it. Then got lucky and worked with a Marine HIT overseas and would tag along when they kidnapped people to do some stuff lol The rest of the time was a lot of reports and KLEs

babycat

10:40

t4 is a concept being perpetuated by Big Chicago

soap

10:41

Chicago rejected me in undergrad, so I have beef

shaquilleoatmeal

10:41

Was there an hls ii wave yesterday?? Didn’t go online at all and feel out of the loop lmfao

m10

10:42

@BulbasaurNoLikeCardio: Did not know that but it makes sense. That sounds like a cool career. I would have liked to have done that too. I really would have just liked to have gone OCONUS once.

m10

10:44

I was talking to this 88H in a bar last weekend and he had some wild story about being interrogated by the FBI and CIA and shit to get a top-secret clearance or something so he could drive a forklift around Europe, Korea, and Africa. It sounded like a bunch of bullshit to me but do you know if something like that could be true?

babycat

10:45

@shaquilleoatmeal: yeah so I’ve heard

jackfrost11770

10:46

i don't know any of this military talk but i was going to be a combat medic or trauma surgeon for so long before i went this track lol, so my only exposure is seriously looking and visiting places like west point for recruitment lol. i speak russian so everyone always told me that raises your chances at those places lol

jackfrost11770

10:46

my brother is a combat medic too

BulbasaurNoLikeCardio

10:46

@m10: was a great career, the main job is being a cultural expert building rapport and relationships with foreign nationals, militaries and even people hostile to make the area safer and at times bring in the ODAs or three letter guys to train, arm and fund them to aid in their(our) cause. OCONUS is great but not necessary, I only did two real deployments but a lot of missions to places. That is all 110% BS. I have a TS-SCI, worked with federal agencies they do nothing crazy like that.

shaquilleoatmeal

10:47

Damn - 3rd invite missed smh no love for me from hls

m10

10:49

@jackfrost11770: That's like a huge pitfall. People say it's easy to get into like med school or law school through West Point and it is not at all. Yeah, Russian would make you very valuable to them. You will see West Point people in law school but that's very few compared to how many went through the prelaw program there. Best just to enlist and become a combat medic. I've seen like 4 of em here anyway so you didn't really miss anything by going straight to law school.

BulbasaurNoLikeCardio

10:49

I "speak" Dutch but never used it after training back in 2012. Russian is great if you can get into INTEL but outside of that they would just assign you a lot of NATO roles if you go EUCOM. If you go Jag it may score you a nice job in Europe but at this point with the lack of benefits the military would give you just go state department as an attorney and you will travel the world.

m10

10:50

@BulbasaurNoLikeCardio: Oh yeah, I get that. My buddy just got back from Jordan and he gained like 25 lbs there just being a fat ass doordashing for 50 cents a delivery.

glovediedthisishismom

10:50

https://youtu.be/BM-Yf-DXhMM?si=dtiskk_90ckDOjwo

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