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.
Cook Illinois Purchase and Maintenance Agreement for Cattle — Feeder Contract is a legally binding document that outlines the terms and conditions between Cook Illinois and the cattle farmer or supplier. This agreement is specifically designed for cattle suppliers who want to purchase and maintain cattle for the purpose of feeding them until they reach a desirable weight or marketable condition. Keywords: Cook Illinois, Purchase and Maintenance Agreement, Cattle, Feeder Contract. This comprehensive agreement covers various aspects related to the purchase and maintenance of cattle. It establishes the responsibilities and obligations of both parties involved, ensuring a fair and mutually beneficial arrangement. The contract typically consists of the following sections: 1. Parties: This section identifies the parties involved in the agreement, namely Cook Illinois and the cattle supplier. It includes their full legal names, addresses, and contact information. 2. Purchase and Sale: This section outlines the agreed-upon terms regarding the purchase of cattle. It details the quantity, breed, age, weight, and any specific requirements for the purchased cattle. Additionally, it defines the purchase price, payment terms, and any applicable delivery provisions. 3. Maintenance and Care: This section states the expected standards for the maintenance and care of the cattle during the feeding period. It includes provisions for feed quality, water availability, veterinary care, shelter, and any necessary vaccinations or treatments. 4. Feeding Period: This section specifies the duration for which the cattle will be fed and maintained by the supplier. It outlines the target weight or condition the cattle should reach by the end of the feeding period. 5. Insurance and Liability: This section covers the insurance and liability responsibilities of each party. It details who bears the risk in case of accidents, illness, or death of the cattle during the feeding period. 6. Termination: This section outlines the conditions under which either party can terminate the agreement. It includes provisions related to default, breach of contract, force majeure events, and how disputes should be resolved. 7. Miscellaneous: This section covers any additional provisions, such as governing law, amendment procedures, confidentiality, and non-compete clauses. It ensures that both parties are aware of their rights and obligations beyond the core terms of the agreement. Different types of Cook Illinois Purchase and Maintenance Agreement for Cattle — Feeder Contract may exist based on specific variations or customized arrangements required by different cattle suppliers or farmers. These variations may address factors like feed specifications, duration of maintenance, pricing structures, or any additional services requested by the cattle supplier.Cook Illinois Purchase and Maintenance Agreement for Cattle — Feeder Contract is a legally binding document that outlines the terms and conditions between Cook Illinois and the cattle farmer or supplier. This agreement is specifically designed for cattle suppliers who want to purchase and maintain cattle for the purpose of feeding them until they reach a desirable weight or marketable condition. Keywords: Cook Illinois, Purchase and Maintenance Agreement, Cattle, Feeder Contract. This comprehensive agreement covers various aspects related to the purchase and maintenance of cattle. It establishes the responsibilities and obligations of both parties involved, ensuring a fair and mutually beneficial arrangement. The contract typically consists of the following sections: 1. Parties: This section identifies the parties involved in the agreement, namely Cook Illinois and the cattle supplier. It includes their full legal names, addresses, and contact information. 2. Purchase and Sale: This section outlines the agreed-upon terms regarding the purchase of cattle. It details the quantity, breed, age, weight, and any specific requirements for the purchased cattle. Additionally, it defines the purchase price, payment terms, and any applicable delivery provisions. 3. Maintenance and Care: This section states the expected standards for the maintenance and care of the cattle during the feeding period. It includes provisions for feed quality, water availability, veterinary care, shelter, and any necessary vaccinations or treatments. 4. Feeding Period: This section specifies the duration for which the cattle will be fed and maintained by the supplier. It outlines the target weight or condition the cattle should reach by the end of the feeding period. 5. Insurance and Liability: This section covers the insurance and liability responsibilities of each party. It details who bears the risk in case of accidents, illness, or death of the cattle during the feeding period. 6. Termination: This section outlines the conditions under which either party can terminate the agreement. It includes provisions related to default, breach of contract, force majeure events, and how disputes should be resolved. 7. Miscellaneous: This section covers any additional provisions, such as governing law, amendment procedures, confidentiality, and non-compete clauses. It ensures that both parties are aware of their rights and obligations beyond the core terms of the agreement. Different types of Cook Illinois Purchase and Maintenance Agreement for Cattle — Feeder Contract may exist based on specific variations or customized arrangements required by different cattle suppliers or farmers. These variations may address factors like feed specifications, duration of maintenance, pricing structures, or any additional services requested by the cattle supplier.
