Marketing contracts.

CFR · 2024-01-01 · US · Title 7

(a) A marketing contract must meet all of the conditions outlined in paragraphs (b), (c), and (d) of this section. (b) A marketing contract, at a minimum, must meet all of the following conditions: (1) Be a legal contract in the State where executed; (2) Specify the commodity under contract; (3) Specify crop year; (4) Be signed by both the participant, or legal representative, and the purchaser of the specified commodity; (5) Include a commitment to deliver the contracted quantity; (6) Include a commitment to purchase the contracted quantity that meets specified minimum quality standards and other criteria as specified; (7) Define a determinable quantity by containing either a: (i) Specified production quantity or (ii) A specified acreage for which production quantity can be calculated; (8) Define a determinable price by containing either a: (i) Specified price or (ii) Method to determine such a price; (9) Contain a relationship between the price and the quality using either: (i) Specified quality standards or (ii) A method to determine such quality standards from published third party data; and (10) Have been executed within 10 days after: (i) End of insurance period for insured crops or (ii) Normal harvest date for NAP covered crops as determined by FSA. (c) The purchaser of the commodity specified in the marketing contract must meet at least one of the following: (1) Be a licensed commodity warehouseman; (2) Be a business enterprise regularly engaged in the processing of a

official document · source cfr-2024 · id 7:§ 760.818