Negotiated purchase.

Negotiated purchase. The term negotiated purchase means a cash or spot market purchase by a packer of livestock from a producer under which the base price for the livestock is determined by seller-buyer interaction and agreement on a delivery day. The livestock are scheduled for delivery to the packer not more than 14 days after the date on which the livestock are committed to the packer.

Source

7 CFR § 59.30

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Scoping language

The following definitions apply to this part.

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