A special type of foreign currency transaction.

Forward contracts are agreements between two parties to exchange two designated currencies at a specific time in the future. These contracts always take place on a date after the date that the spot contract settles, and are used to protect the buyer from fluctuations in currency prices.

Investopedia explains 'Forward Exchange Contract'

Forward contracts are not traded on exchanges, and standard amounts of currency are not traded in these agreements. They cannot be canceled except by the mutual agreement of both parties involved. The parties involved in the contract are generally interested in hedging a foreign exchange position or taking a speculative position.

Relevance is a noun that means the relationship between something and the matter at hand. It is used to show that something has importance to the current situation. Something is referred to be irrelevant when it has no relationship to the matter at hand

To be relevant is to agree with more than the average of people. Being relevant means to have significant meaning on a subject and having evidence to back them up.