7 USC 1635a - Definitions

U.S Code last checked for updates: Nov 22, 2024

§ 1635a.

Definitions

In this subchapter:

(1)

Base price

(2)

Basis level

(3)

Current slaughter week

(4)

F.O.B.

(5)

Livestock

(6)

Lot

(7)

Marketing

(8)

Negotiated purchase

The term “negotiated purchase” means a cash or spot market purchase by a packer of livestock from a producer under which—

(A)

the base price for the livestock is determined by seller-buyer interaction and agreement on a day; and

(B)

the livestock are scheduled for delivery to the packer not later than 14 days after the date on which the livestock are committed to the packer.

(9)

Negotiated sale

The term “negotiated sale” means a cash or spot market sale by a producer of livestock to a packer under which—

(A)

the base price for the livestock is determined by seller-buyer interaction and agreement on a day; and

(B)

the livestock are scheduled for delivery to the packer not later than 14 days after the date on which the livestock are committed to the packer.

(10)

(11)

Producer

(12)

Reporting day

The term “reporting day” means a day on which—

(A)

a packer conducts business regarding livestock committed to the packer, or livestock purchased, sold, or slaughtered by the packer;

(B)

the Secretary is required to make information concerning the business described in subparagraph (A) available to the public; and

(C)

the Department of Agriculture is open to conduct business.

(13)

Secretary

(14)

State

(Aug. 14, 1946, ch. 966, title II, § 212, as added Pub. L. 106–78, title IX, § 911(2), Oct. 22, 1999, 113 Stat. 1188.)

cite as: 7 USC 1635a