There are two types of futures contracts:
Deliverable Futures Contract
Deliverable futures contracts are the forward contracts to buy or sell a certain underlying instrument with actual delivery of the underlying instrument occurring. Settlement occurs 30 days after the contract is purchased.
Cash Settled Futures
The Cash Settled Futures Contract is just like a standardized contract, which allows one to purchase or sell a certain fundamental financial or tangible instrument at a certain date in the future, at specified price. All settlement occurs purely on cash basis. Depending on the contract, settlement occurs 30, 60 & 90 days after the contract is purchased.