Section 824IAC2-13-1. Contracts requirements

   (a) Grain buyer and buyer-warehouse licensees shall maintain complete and accurate records regarding the grain they purchased from depositors using contracts stating the terms of the purchase. Contracts shall be numbered consecutively either at the time of printing or through the control of a computer generated system. Contracts shall be used in consecutive order. Voided contracts shall be retained for the agency's audit. Contracts shall be executed in duplicate with one (1) copy delivered to the seller and one (1) copy retained by the buyer licensee in a numeric file.

  (b) Contracts, whether written, printed or electronic, for the purchase of grain from depositors shall contain, at a minimum, the following:

(1) Buyer's name, address, telephone number.

(2) Seller name and address.

(3) The conditions of delivery.

(4) Amount and type of grain delivered.

(A) Only one (1) type of grain per contract.

(5) Grade of grain.

(6) Method of pricing.

(7) Dates of delivery of the grain to be covered by the contract.

(8) Date payment is to be made.

(9) Duration of the contract.

(10) Consecutively numbered receipts.

(11) Charges for which the seller is liable.

(12) A rollover shall be documented with the initials of both parties and dated by both parties.

(13) The notice required in IC 26-3-7-3(a)(12) shall appear immediately above the place on the contract where the seller signs.

(14) The date and signatures of both the seller and licensee.

(15) Other provisions that may be prescribed by the director.

  (c) If the business of the licensee is sold to another licensee, contracts may be assigned to the purchaser of the business after the new owner is licensed. (Indiana Grain Buyers and Warehouse Licensing Agency; 824 IAC 2-13-1; filed Jan 19, 2001, 3:04 p.m.: 24 IR 1662; readopted filed Nov 16, 2007, 2:00 p.m.: 20071212-IR-824070667RFA; readopted filed Nov 27, 2013, 1:30 p.m.: 20131225-IR-824130492RFA)