Terms of purchase and sale

Terms of purchase and sale. (1) Any person who purchases notified agricultural produce in the market area shall execute an agreement in favour of the seller in triplicate in such form as may be prescribed. One copy of the agreement shall be kept by the buyer, one copy shall be given to the seller and the remaining copy shall be kept in the records of the Market Committee. (2) (a) The payment of the price of agricultural produce purchased in the market yard shall be made to the seller on the same day in the market yard; (b) If the buyer does not make payment under clause (a), he shall be liable to make additional payment to the seller at the rate of one percent per day of the total price of the agricultural produce payable, within five days; (c) If the buyer does not make the additional payment along with the payment to the seller under the aforesaid clauses (a) and (b) within five days from the day of such purchase, his licence shall be deemed to have been cancelled on the sixth day and no licence under this Act shall be granted to him or his relative for a period of one year from the date of such cancellation. Explanation: For the purpose of this clause, "relative" means such relative as specified in the explanation of clause (d) of sub-section (1) of section 11. (3) No wholesale transaction of such produce shall be made directly with the producers of notified agricultural produce by the licensed traders except in the market yard or such other places as specified in the bye-laws. (4) An Arhatiya shall collect his commission from his employer trader only at such rates as specified in the bye-laws, which commission shall include such expenses as are incurred by him in respect of storage of produce and other services rendered by him. (5) Every Arhatiya shall be responsible: (a) to keep his employer's goods in safe custody without any charge other than the commission payable to him; and (b) to make payment of the price to his employer as soon as the goods are sold whether he has received the price from the buyer of such goods or not.