Forwards are similar to futures in that there is a contractual price, here, the forward price.
Also, deliveries or settlements are to be made on or before a known date. It should be noted that forwards stipulate a settlement, termination or forward date. However, offsets may be made before that time but may be subject to illiquid conditions. Terms are established at the onset of the contract and settlement is required when the contract is offset. Forwards are common in the currency markets or bank forward markets.