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TeachMeFinance.com - explain Short notice historic definition... Short notice -- Speculative dealings in commodities (grain, cotton, coffee, etc.) are in certificates (warehouse receipts which call for the actual property). On a future contract (a contract calling for delivery of the commodity in a specified future month) a certain number (according to the rules of an exchange) of days' notice (called a regular notice) must be given by the seller to the buyer of his intention to deliver the commodity (that is, the certificate representing it) and collect payment for it. This is when the future was sold without special conditions. When a future is sold without stipulation to the contrary delivery is understood as being at the option (at the pleasure) of the seller on regular notice to the buyer at any time in the month in which the commodity becomes cash (is deliverable). In a future at buyer's option the commodity is deliverable on regular notice by the buyer to the seller. When a broker buys a contract (accepts the transfer to himself of the contract) upon which regular notice has been given, but some part of which notice has elapsed, the notice has become a short notice. A contract with a short notice is often worth less in the market than one with a regular notice. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.