What are the specifications to be included in a futures contract?

A futures contract should include specifications such as the underlying asset (commodity or financial instrument), the contract size (amount of the asset per contract), the expiration date (when the contract settles), and the price quotation (how the price is expressed). Additionally, it should specify the delivery terms, including the delivery location and timing, as well as any margin requirements and settlement procedures. These details ensure clarity and enforceability in the contract.