August 26th - Heating Up Exchange - Fall Contracting (Archived #248301)

PAYMENTS:

• Buyer agrees to pay Montana Cattle ConneXion for the benefits of Seller, $100.00 per head as part payment upon entering into this contract.
• Seller acknowledges that it has received from Montana Cattle ConneXion $90.00 per head as part payment for the livestock and agrees that the remaining balance is to be held in a Montana Cattle ConneXion Custodial account for shipper’s proceeds, as a deposit on commission, until delivery, when the actual commission can be determined.
• If Buyer defaults or otherwise fails to take delivery, he will forfeit his $100.00/head part payment. In addition if either Buyer or Seller defaults, the defaulting party shall be liable for actual and incidental damages as are permitted by the Uniform Commercial Code, plus court costs and reasonable attorney’s fees.
• All Payments will be processed through a Licensed Escrow Account.
  1. Upon successful Purchase/Winning Bid for Livestock, $100 per head down payment is due from Buyer. MCC will pay $90 per head to the Seller as down payment and hold $10 per head as deposit on commission.
  2. Buyer must pay 100% of Gross Contract amount less Down Payment, RECIEVED no later than Five Business Days PRIOR to delivery. Funds must be to be held in Escrow until after delivery.
  3. At delivery, MCC Representative will weigh, sort and slide the cattle like any other delivery according to contract terms.
  4. Cattle will ship to the Buyer. Buyer has a 24 hour inspection period from the time the cattle ship. After the Buyer has received and confirmed the cattle, funds will be wired to seller's account.
  5. Any remaining balances will be billed/refunded by check after delivery.

Montana Cattle ConneXion Terms & Definitions

• BASE WEIGHT: Is the estimated average pay weight of the cattle on the day of delivery.
• SLIDE EXPLANATION: Example: A lot with a 650# base weight sells for $200/cwt. If cattle weigh 651# on a 10 cent slide the price would be $199.90, 660#- $199.00, etc.
• COST OF GAIN SLIDE: Any Weight over Base Weight will be sold at a rate of $0.75 per Pound. 600# @ $150.00 cwt = $900/ Hd. If actual Weight is 610 # then Price per head equals 600 x $150 cwt = $900. Then,  +10# x $0.75 = $7.50 then Final $$ per Head = $907.50 / Hd Total. (Additional Weight is paid at industry average cost of gain.)
• BUYER INSURANCE (MANDATORY): If the Lot is advertised with a SLIDE STOP. All weight over the 25 lbs allowance is free to the buyer.
• BRED COW SLIDE: There will be a 25 pound allowance from the base weight, and the slide will be 80 cents per pound under the slide weight on bred heifers and 50 cents per pound under slide weight on the bred cows unless otherwise stated.
• INSPECTION AND WARRANTIES: Seller shall deliver within 5% of the stated number of livestock on contract. In the event Seller fails to deliver within 5% of stated number of Livestock on contract, he will be liable for replacing any cattle not delivered with cattle of equal size and quantity or make the necessary freight adjustment to Buyer. If Buyer demands replacement of cattle or freight adjustment will be Seller’s expense and Buyer’s approval. Buyer, his agent, or Montana Cattle ConneXion shall have the right at delivery to sort and reject any stags, crippled, blind, loco, lump-jawed or otherwise unmerchantable cattle or any other cattle that are not described in this contract as determined by Montana Cattle ConneXion.
• NO WARRANTY: Buyer shall notify Montana Cattle ConneXion of any grievance regarding any livestock within twenty four (24) hours after possession. MontanaCattleConneXion.com makes no guarantees as to the performance and health of any livestock and not responsible for loss or damages. The parties understand and agree that Montana Cattle ConneXion does not guarantee the performance and is not a “Party” to this agreement. The parties further understand and agree that all warranties either expressed or implied are between parties. The parties both agree that after payment of the money as described in the provision, they release Montana Cattle ConneXion, its representatives, members and employees from all responsibility for any loss or damages. In no event shall Montana Cattle ConneXion be liable for lost profits or any special, incidental consequential damages however arising.
• WEIGHT VARIANCE: All cattle on a contract must weigh within an acceptable range as Described in the contract. Calculated as Average Weight plus or minus x% on either side of average. Descriptions and percentages as seen in the following scale:
  • Even = Avg Weight +/- 10%, Fairly Even= +/- 15%, Uneven= +/- 20%, Very Uneven= +/- 25%.
• FREIGHT ADJUSTMENT: No adjustments will be given on cattle that weigh below the estimated base weight if the head count is within 5% of the contract. Buyer is not required to accept a specific number of cattle sold, if they exceed the base weight. Buyer must compute number of loads from gross weight on livestock contract and have enough trucks available at delivery.
• WEIGHING CONDITIONS: All cattle will be weighed on a certified scale according to weighing conditions stated in the Livestock Contract. No cattle will be delivered or weighed on days when the temperatures are 10 below zero or more.
• HEALTH: Seller shall furnish to buyer any brand and health certificate required by Federal and State law. Buyer is responsible for notifying Montana Cattle ConneXion when health certificates are needed.
• SPLIT LOADS: Heifer price will be a set $ amount/cwt as stated in the lot information back of the original price of the steers.
• BRED CATTLE: Bred cattle are to be pregnancy checked and aged by a licensed veterinarian (at seller’s expense) within 30 days prior to sale. Buyer has 7 days upon possession to confirm pregnancy. After 7 days, Seller & Montana Cattle ConneXion will have no further liability for cattle that are not pregnant. Heifers that are sold as Open Feeder Heifers will be pregnancy checked by a licensed veterinarian (at seller’s expense) within 30 days prior to delivery. A veterinarian’s certificate must accompany cattle.
• BRED CATTLE SLIDE EXPLANATION: All breeding cattle will be sold on a sliding scale on the bottom side only. There will be a 25 pound allowance from the base weight and the slide will be 80 cents per pound under the weight on bred heifers and 50 cents per pound under slide weight on the bred cows unless otherwise stated. Bred cattle will also be bangs vaccinated with a legible tattoo, unless otherwise stated.
• FEES: A regular sale consignment fee of $5.00 per head with a maximum of fee of $1,000.00 per Lot Class. Two separate classes eg. Calves, Weaned Calves, Yearlings, Feeders, Cows, Bred Heifers, Cows, Bulls will each be charged another listing fee. Fees apply to both Normal Exchanges and the Show List
• COMMISSION:
  • Seller agrees to pay Montana Cattle ConneXion a commission of 1.5% of the gross proceeds of the sale for calf & feeder contracts,
  • Seller agrees to pay Montana Cattle ConneXion a commission of 2.25 % of gross proceeds for bred cows, bred heifers, and Bulls.
    • The minimum commission charge is $10.00 per head.
• SPECIAL SALES FEES: Special Sales Fees of $5.00 per head for Bred Cow Dispersion with NO FEE CAP. $25.00 per head on special sales such as bull/production sales with 2.25% commission. No Cap on Fees. Fees May be negotiable depending on event. Inquire with Sale Manager for an estimate.
• DESIGNATION OF AGENT: If Seller and Buyer are not present at the auction, Seller and Buyer authorizes Montana Cattle ConneXion to complete and sign a Livestock Contract for the sale of the livestock described in this contract, on behalf and in the name of the Seller and Buyer, which will make Seller and Buyer obligated to all terms and conditions of the Livestock Contract, as if Seller and Buyer had signed the contract himself. Seller also authorizes Montana Cattle ConneXion to negotiate a satisfactory settlement regarding any discrepancies at delivery.
• LIEN: Seller warrants that he has good and marketable title to the livestock and that the livestock will be delivered free from all security interests, liens or encumbrances unless otherwise stated on consignment contract.
• DEFAULT: In the event of failure on the part of either the Buyer or Seller (Parties), to fully perform under the terms of this Agreement, the non-defaulting party may pursue any available remedy at law or equity including specific performances against the defaulting party. In addition, the successful party in any action brought to enforce this agreement shall be entitled to costs and reasonable attorney’s fees as determined by the Court. In the event of a default and upon receipt of written notice clearly stating the default, Montana Cattle ConneXion shall deliver the balance of the down payment to the non-defaulting party or in the event of a dispute concerning the performance by either party, Montana Cattle ConneXion may deposit the down payment into an interest bearing account and shall place both parties names on the account which shall require a signature from both parities to remove any of the money. Upon payment of the down payment as provided for in this paragraph, its members, employees and representatives shall be released from any further liability and have no other obligations to either party. The parties understand and agree that Montana Cattle ConneXion does not guarantee the performance of either party and is not a “Party” to this agreement. The parties further understand and agree that all warranties either expressed or implied are between parties. The parties both agree that after payment of the money as described in the provision, they release Montana Cattle ConneXion, its representatives, members and employees from all responsibility for any default by either party. In no event shall Montana Cattle ConneXion be liable for lost profits or any special, incidental consequential damages however arising.
• SECURITY AGREEMENT: Buyer hereby grants Montana Cattle ConneXion a security interest in the livestock described herein including the products and proceeds thereof, until such time as final payment of the full purchase price of said livestock is made by wire transfer of funds or until Montana Cattle ConneXion actually receives final payment on any payment item issued. Default shall exist if final payment is not received within one day from the date buyer takes possession of the livestock described herein, or upon the death, bankruptcy or insolvency of the buyer or upon the sale of said livestock without prior written permission. Upon default, Montana Cattle ConneXion with or without notice, may exercise any and all rights accorded it by law. Interest Fees on Late Payments of 1.5% will be applied to all late payments of 3 days or more.