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.
The North Carolina Purchase and Maintenance Agreement for Cattle — Feeder Contract is a legally binding document that governs the purchase and care of cattle in the state of North Carolina. This contract outlines the terms and conditions between the buyer and the seller, ensuring a mutual understanding of responsibilities and obligations. Keywords: North Carolina, Purchase and Maintenance Agreement, Cattle, Feeder Contract, legally binding, purchase, care, terms, conditions, buyer, seller, responsibilities, obligations. There may be different types of North Carolina Purchase and Maintenance Agreements for Cattle — Feeder Contracts, including: 1. Standard Purchase and Maintenance Agreement for Cattle — Feeder Contract: This is the most common type of contract, outlining the general terms and conditions related to the purchase and maintenance of cattle. It includes provisions for payment, delivery, and general upkeep. 2. Customized Purchase and Maintenance Agreement for Cattle — Feeder Contract: This type of contract is tailored to meet specific requirements and needs of the buyer and seller. It may include additional clauses or provisions that address specific concerns or preferences of either party. 3. Joint Venture Purchase and Maintenance Agreement for Cattle — Feeder Contract: In cases where multiple parties are involved in the cattle purchase and maintenance, such as partnerships or joint ventures, this contract establishes the terms and responsibilities of each party involved. It ensures clarity in the roles and obligations of the participants. 4. Lease Purchase and Maintenance Agreement for Cattle — Feeder Contract: This type of contract allows the buyer to lease the cattle instead of purchasing them outright. It includes provisions regarding lease duration, payment terms, and the responsibility of maintenance during the lease period. It's important to consult with legal professionals or experts in North Carolina agricultural laws and regulations to ensure the correct and appropriate agreement is used for a specific situation.
