Definition: A voluntary, deliberate, and legally binding agreement between two or more competent parties. Contracts are Click to read more about contract. Existence of contractual-relationship does not necessarily mean the contract is enforceable, or that it is not void (see void contract) or voidable Spot Rate: The price quoted for immediate settlement on a commodity, a security or a currency. The spot rate , also called “spot price,” is based on the value of an asset at the moment of the An interest rate swap is a forward contract in which one stream of future interest payments is exchanged for another based on a specified principal amount. Interest rate swaps usually involve the exchange of a fixed interest rate for a floating rate, or vice versa, to reduce or increase exposure to fluctuations in