You are a buyer for a manufacturer of chocolates and candies and have been told to hedge the cocoa and sugar needed for production of your upcoming orders. What is true below AND suggests you might prefer to hedge your needs using ONLY FORWARD contracts (i.e. directly with known suppliers) rather than using FUTURES contracts (i.e. exchange-traded, standardized)? FUTURES contracts expose you to higher contra-party (counterparty) risk FUTURES contracts are less liquid and have a limited resale market FORWARD contracts have margin requirements and are marked to market daily to ensure parties perform financially FORWARD contracts can be easily offset if you don't want to take delivery at the time of expiration FORWARD contracts may be customized to the buyer's and seller's specific terms