negotiated purchase
Defined in 1 dictionary — U.S. Code
United States Code
7 U.S.C. § 1635A — in this subchapter
The term “negotiated purchase” means a cash or spot market purchase by a packer of livestock from a producer under which—
(A) the base price for the livestock is determined by seller-buyer interaction and agreement on a day; and
(B) the livestock are scheduled for delivery to the packer not later than 14 days after the date on which the livestock are committed to the packer.