Negotiated Grid Purchase [Agriculture] Law and Legal Definition

According to 7 CFR 59.30 [Title 7—Agriculture; Subtitle B -- Regulations of the Department of Agriculture; Chapter I -- Agricultural Marketing Service H1 (Standards, Inspections, Marketing Practices), Department of Agriculture; Subchapter C -- Regulations and Standards Under the Agricultural Marketing Act of 1946 and the Egg Products Inspection Act - Part 59 -- Livestock Mandatory Reporting; Subpart A -- General Provisions], negotiated grid purchase, in reference to cattle means “the negotiation of a base price, from which premiums are added and discounts are subtracted, 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.”