Beef is raised in three phases before it is processed: calves are raised on pasture and range land, as feeder cattle they feed on pasture, crop residue, and range land, and finally they go to feedlots, where they are fattened for slaughter. Feeder contracts are a type of futures contract based on young cattle that are sent to feedlots in preparation for slaughter. The Chicago Mercantile Exchange first introduced a feeder cattle contract in 1971.
It is important make sure the agreement is clear as to whether a bailment or an actual sale of the animals is intended. In order to constitute a bailment and not a sale, a fattening or raising agreement should provide that the owner agrees to provide the animals involved to the feeder with the owner retaining title to the animals, and the feeder or raiser is to feed or raise them for sale as the owner deems proper. This form is a sample of a sale rather than a bailment.
A Florida Purchase and Maintenance Agreement for Cattle — Feeder Contract is a legal document that outlines the terms and conditions for the purchase and care of cattle in the state of Florida. This agreement is commonly used in the agricultural industry to establish a clear understanding between the buyer and seller of cattle regarding their responsibilities, rights, and obligations. The primary purpose of the Florida Purchase and Maintenance Agreement for Cattle — Feeder Contract is to define the purchase price, delivery terms, and maintenance responsibilities for the cattle being sold. It typically includes information about the cattle's breed, age, weight, health condition, and any specific requirements for feeding or care. Some relevant keywords for this agreement include: 1. Florida: This refers to the state where the agreement is being executed, indicating that it complies with the applicable laws and regulations in Florida. 2. Purchase: This signifies the act of acquiring ownership of cattle by paying a predetermined price to the seller. 3. Maintenance: This emphasizes the ongoing care, feeding, and management of the cattle after the purchase. 4. Agreement: This denotes the legally binding document that outlines the terms and conditions agreed upon by both parties. 5. Cattle: This term represents the domesticated animals, typically raised for meat, that are the subject of the agreement. 6. Feeder Contract: This highlights the specific focus of the agreement on cattle intended for feeding or fattening for meat production. There are no specific variations or types specified for the Florida Purchase and Maintenance Agreement for Cattle — Feeder Contract. However, it may include additional clauses or provisions based on the unique requirements of the buyer and seller, such as transportation arrangements, payment terms, or dispute resolution mechanisms. In conclusion, the Florida Purchase and Maintenance Agreement for Cattle — Feeder Contract is a comprehensive legal document that establishes the terms and conditions for the purchase and care of cattle in Florida. It ensures that both parties are aware of their obligations and rights in regard to the cattle's purchase and maintenance, subsequently promoting a transparent and mutually beneficial agreement.
