Price Later Contract Details- 2017 09/22/17 8:45:47 AM
DELAYED PRICING GRAIN CONTRACT
(Seller’s Option to Establish Price Later)
- Pemberton Grain, LLC, 101 N. Main, Pemberton, Minnesota 56078 Hereinafter known as Buyer,
and __________________________ , _______________________________________
(Seller’s Name) (Address)
Hereinafter known as Seller, covenant and agree as follows:
- The Buyer agrees to purchase from Seller, and the Seller hereby agrees to sell, __________ Bushels of __________ with the seller’s option to establish the price later in accordance with terms and conditions hereinafter set forth below.
- “THE TITLE AND ALL OTHER RIGHTS OF OWNERSHIP OF THE GRAIN DESCRIBED IN THIS CONTRACT ARE TRANSFERRED HEREBY FROM SELLER TO BUYER.
- “The price shall be the Buyer’s posted bid for Delayed Pricing Grain Contracts with the elevator facility the contract was written at. The Seller further agrees to allow the Buyer to subtract from the selling price a one–time service charge of __.24¢_ per bushel if the grain is not priced by the _15th _ day of September, 20_18_ but from that date forward the Buyer shall subtract from the selling price a .000986 ¢ service charge per bushel per day which would be equivalent 3¢ per month.
- The Buyer agrees to pay the total amount due the Seller, without interest, after the final sales pricing date.
- Seller hereby warrants that title to the above grain is free from encumbrance of any nature whatsoever and the Seller has good and merchantable title, with the right to dispose of same.
- This Delayed Price Later Grain Contract constitutes the complete understanding between the parties and supersedes all other representations. No modification of this Agreement shall be valid unless in writing and signed by both parties. This Agreement shall bind the parties, their heirs, administrators, executors, successors, and assigns. This Agreement shall be governed by Minnesota law. Buyer and Seller agree that all disputes arising out of or relating to this Agreement shall be settled by arbitration in accordance with the rules and regulations of the National Grain and Feed Association pursuant to such Association's grain arbitration rules. Buyer and Seller agree that judgment may be entered upon any arbitration award in any court of competent jurisdiction. Written notice to Buyer shall be by personal delivery or by postage paid letter addressed to Buyer as written above to the attention of the General Manager.
- ALL DRYING COST TO BE PAID IN FULL BY DECEMBER 31, 2017.
THIS CONTRACT CONSTITUTES A VOLUNTARY EXTENTION OF CREDIT.
THIS CONTRACT IS NOT COVERED BY ANY GRAIN BUYER BOND.
Entered into this _____ day of _________, 2017
_____Pemberton Grain_________________ ________________________________
(Buyer) (Seller)(Printed Name)
(Signed by:) (Signed by:)