Warehouse & Storage Strategies
Credit-Sale Contracts
A written contract for the sale of grain pursuant to which the sale price is to be
paid or may be paid more than 30 days after the delivery or release of the grain for
sale. If a part of the sale price of a contract for the sale of grain is to be paid or may
be paid more than 30 days after the delivery or release of the grain for sale, only
such part of the contract is a credit-sale contract.
Credit-sale contracts must be in writing and must contain:
The seller's name and address.
The conditions of delivery.
The amount and kind of grain delivered.
The price per unit or basis of value.
The date payment is to be made.
The duration of the credit-sale contract.
Notice in a clear and prominent manner that the sale is not protected by the bond coverage.
The contract must be signed by both parties and executed in duplicate.
The credit-sale contract indemnity fund assessment (2/10 of 1% of value of grain).
DAKOTA
NORTH
DEPARTMENT OF
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