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A currency forward contract is an agreement between parties to exchange fixed amounts of different currencies in the future at a predetermined exchange rate. There are two types - outright and non-deliverable forwards. Outright forwards involve exchanging currencies, while NDFs are settled in a single currency like the US dollar. Both types can be used for speculation or risk management. An example is given of a US tech company expecting a payment of 10 million British pounds in 90 days, with a current spot rate of $1.60 per pound.