Explain the meaning and probable significance for international business of the following contract specifications: Specific-sized contract.

Question:

Explain the meaning and probable significance for international business of the following contract specifications:
• Specific-sized contract.
• Standard method of stating exchange rates.
• Standard date.
• Collateral and maintenance margins.
• Counterparty.
Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...