 Now, let us see the contracts one by one, forward contracts. They are two persons, Asylum and Bashir. The current price of gold say on 1st January 2021, Rs. 10,000 per gram. Don't expect that gold price will increase in the next few months. Bashir suspects the decrease in price of gold, both parties do not have the gold. They both agree to contract in which Asylum is willing to buy and Bashir is willing to sell on 31st March 2021, however the price is decided 10,000 a gram. The price is not necessarily the same in the last three months. Every day the price changes, but both parties agree that gold is willing to buy and Bashir is willing to sell on 31st March 2021. If the gold price increases to Rs. 12,000, Asylum is willing to buy and Bashir is willing to sell on 31st March 2021. Asylum is willing to buy and Bashir is willing to sell on 31st March 2021. Asylum is willing to buy and Bashir is willing to sell on 31st March 2021. Bashir is willing to sell on 31st March 2021. Bashir will lose 2000, there will be no purchase or sale of gold. Bashir will give you Rs. 2000 per gram as per the size of the gram. If the gold price decreases to Rs. 9000, Asylum will sell Rs. 10,000 and Bashir will sell Rs. 10,000. Bashir will get Rs. 9000 and Asylum will sell Rs. 10,000. Asylum is willing to buy and Bashir will sell Rs. 10,000 and Bashir will sell Rs. 10,000. Asylum is willing to buy and Bashir will sell Rs. 10,000 and Bashir will sell Rs. 10,000. Normally, I have given you a simple example. Practically, in the season of cotton, we decide in advance how much bale we have bought and what is the price. Obviously, a bale costs Rs. 50,000-60,000. If you have bought 2000 bale, how much will it cost? If the price is decreasing, then the seller will benefit because he has to sell at a center price. But if the price is increasing, then the buyer will benefit because he will get a cheap price. This difference in pricing benefits people or losses. In both parties, we have to be very careful about how to make a deal. The period involved is not more than 3 months. The longer the period is, the expectation or prediction is not good. That is why we decide the deal within the period of 3 months. This is not just about cotton. In all the places, what do these juice factories do? In the season of flowers, they first contract. We have to buy so many tons from you and buy at this price. The price in the market will have to be given at the same price. If the market price is increasing, then the buyer will benefit because he has to buy at a lower price. If the price is decreasing, then the seller will benefit because he has to buy at a higher price. The problem in this system is that one party can run away. You cannot force unless you go to the court of law. Because there is mutual agreement. You cannot force legally. If there is an agreement, then you can go and fight in the court. If a party runs away from its contract, otherwise there is a profit. There is a benefit on one party, but on the other party, there is also a loss. That is why there is a normal conflict in this system. In conflict, there is a loss of both parties. If you go to the court of law, then there are problems. Now look at this. A contract which is for future but its sale, its rate has been settled to the present day. After 3 months, what will be the price? You never know. But we first decide that after 3 months, we have to sell such amount of things at this price. If the price is more, then obviously there will be a loss and the other party will benefit. This is an issue of a forward contract. We will discuss later what is the difference between forward and future. In forward, there are 2 parties and they both mutually agree on what is the price and when to sell. Time and price are fixed. Quantity and time and price are fixed by everything. Now there is a chance that they will not accommodate each other and run away. They think that they should not honour the contract. Then you do not have any other option to go to the court and defend yourself. Thank you very much.