Terms and procedure of buying and selling

1. (1) Except in the commercial transaction between two traders, any other person

who buys notified agricultural produce including livestock in the principal

market yards, sub-market yards and market sub-yards, shall execute an agreement in triplicate in such form, as may be prescribed in favour of the seller. One copy of the agreement shall be kept by the buyer, one copy shall be supplied to the seller and the remaining copy shall be kept in the record of Market Committee.

1. (2) (a)The price of the notified agricultural produce transacted in the principal market

yards, sub-market yards, private market yards, market sub-yards or at

e-platforms shall be paid on the same day to the seller or in the maximum the

licensee, on the same day itself.

1. (b) In case purchaser does not make payment under clause (a), he shall be liable to make additional payment at the rate of one percent, per day of the total price of the agricultural produce, payable to the seller within five days.
2. (c) In case the purchaser does not make payment with additional payment to the seller under clause
3. (a) and
4. (b) above, within five days from the day of such purchase, his licence shall be deemed to have been cancelled on the sixth day and he shall not be granted any licence or permitted to operate under this Act for a period of one year from the date of such cancellation.

1. (3) Commission agent shall recover his/its commission from his/ its principal trader at

the rate not exceeding two percent ad valorem on transacted non-perishable

agricultural produce; while in case of perishable agricultural produce, it shall not exceed four percent ad valorem on transacted produce, including all expenses as may be incurred by him in storage of the produce and other services rendered by him/ it: