Negotiated Purchase Law and Legal Definition

According to 7 USCS § 1635a(8), 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.”