Sec. 3. Definitions
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/bill/117/hr/5609/eh/section-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 221 of the Agricultural Marketing Act of 1946 ( 7 U.S.C. 1635d ) is amended— by amending paragraph
(3)to read as follows: The term formula marketing arrangement means the advance commitment of cattle for slaughter— by any means other than through a negotiated purchase, negotiated grid purchase, or a forward contract; and using a method for calculating price under which the price is determined at a future date. ; by redesignating paragraphs (5), (6), (7), and
(8)as paragraphs (6), (7), (8), and (10), respectively; by inserting after paragraph
(4)the following: The term negotiated grid purchase means a purchase of fed cattle by a packer from a producer under which— the base price for the cattle is determined by seller-buyer interaction on a day; the cattle are scheduled for delivery to the packer not more than 14 days after the date on which the agreement for purchase is made; and the base price is subject to adjustment by premiums and discounts after delivery. ; and by inserting after paragraph
(8)the following: The term type of contract means the classification of contracts for the purchase of fed cattle based on the mechanism used to determine the base price for the fed cattle committed to a packer under the contract, including formula purchases, negotiated grid purchases, forward contracts, and other purchase agreements, as determined by the Secretary. .
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