# Fixing Time > Fixing Time means the specific time of day set for a decided operation or event related to business or investments **Term:** Fixing Time **Last updated:** 2026-07-29 ## Definition ## What Fixing Time Means in a Contract Fixing Time refers to a clearly stated time of day, and sometimes a specific process, that parties agree will be used to determine a value, price, rate, or the occurrence of an event under an agreement. Rather than leaving a calculation open to interpretation across an entire day or period, the contract nominates a discrete moment, such as 11:00 am London time or the close of business on a particular exchange, as the authoritative reference point. This concept is especially important where the underlying figure being measured, such as a currency exchange rate, commodity price, or interest benchmark, fluctuates continuously. Without a Fixing Time, two parties relying on the same contract could reasonably use different figures depending on when they checked, leading to disputes over performance or payment obligations. In practice, Fixing Time clauses are short but carry outsized importance because they remove discretion from whichever party might otherwise choose a moment favorable to its own position. ## How Fixing Time Is Defined or Measured Most contracts define Fixing Time by reference to a named source, such as a published index, exchange closing figure, or a recognized market fixing mechanism operated by a third party. The clause typically specifies the exact clock time, the relevant time zone, and the business day convention that applies if the stated day falls on a weekend or holiday. Some agreements also specify what happens if the usual source is unavailable at the Fixing Time, for example by naming a fallback rate, a designated calculation agent, or an alternative time later the same day. This kind of contingency planning is common in agreements that resemble a