This is an agreement that the Seller Bob Johson of Bobs Farms of PO Box 271, Havre, MT 59672 on November 12, 2016 will sell and agree to deliver to the buyer Patriot Grain Elevator at 405 Last Chance Gulch, Lewistown, MT 59604.
A net quantity of _ bushels of grade _ , of commodity _ at _ moisture, _ protein at the purchase price of USD $ _ per bushel.
Grade and quality specifications: The quality of grain delivered under this contract shall be determined at the place and time of delivery. Buyer’s weights and grades to govern. All deliveries made under this contract shall be of the grade and quality specified herein. Buyer reserves the right to reject individual shipments not complying with this provision. Refusal by the buyer to accept delivery of grain for this reason shall not release the seller from this contract.
Merchantable quality: All grain delivered under this contract shall be of merchantable quality, unadulterated and unrestricted from movement in interstate commerce within the meaning of the federal Food, Drug and Cosmetics Act, Environmental Protection Agency tolerances, the U.S Grain Standards Act and applicable state law. Seller expressly warrants that this grain was produced in the continental United States. Seller shall not deliver, and the buyer has the right to reject delivery of, a commodity containing transgenic genes or traits that are not approved for sale in Japan, Mexico, the European Union, or other U.S export markets.
Liens: Seller hereby warrants to buyer that all grain delivered hereunder is now and will remain up to and including the time of delivery, free of all liens, encumbrances or security interests of any kind except as follows:
Premiums and discounts to apply: Acceptance of deliveries not meeting the contract grade and quality shall be at the option of the buyer. If the buyer elects to accept such deliveries not meeting the contract grade and quality, market scale discounts and premiums at time of delivery will apply, unless otherwise specified hereafter. The following premiums and discounts will apply to grain delivered pursuant to this contract.
Settlements for undeliveries: All deliveries made under this contract shall be for the quantity specified herein. If the seller finds he will not be able to complete delivery of the contracted quantity, it shall be the duty of the seller to advise the buyer at once. The buyer, when seller’s default is determined, shall by the close of the next market day elect either to
Settlement for under-delivery or non-delivery of grain shall be made on the difference between market price on delivery date and the contract price ____________ cents per bushel handling charge to be paid to buyer upon such sttlement.
Buyers right to delay delivery period: The buyer has the right, without penalty to delay the time for accepting delivery and making payment under this contract if such delay is caused by government regulation or action, labor strikes, riots, insurrection, freight embargoes or transportion delays. It shall be the duty of the buyer to accept delivery and make payment under this contract as soon as practicable after the cause for delay has ceased.
Arbitration: Buyer and seller agree that all disputes and controversies between them with respect to this contract shall be subject to the trade rules of, and arbitrated by the ___________________________________________________ and that judgement may be entered on the arbitration award in any court of competent jurisdiction. Seller agrees to pay all buyer’s costs resulting from seller’s breach, including, but not limited to, reasonable attorney’s fees and court costs.
Binding Effect: This contract, and any amendments thereto agreed to mutually by the seller and the buyer, shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives and successors of the respective parties. This contract may be not be assigned.
Final and complete agreement: This contract shall represent the final, complete and exclusive statement of agreement between the parties and may not be modified, supplemented or waived, except in writing signed by both parties.
In witness whereof, the parties have signed this contract this __________ day of ____________ (month), ____________ (year).