Amendment status not verified — confirm the current text below against the official source.
Terms and procedure of buying and selling. (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 44 The Nagaland Gazette, Part-V 15, May, 2020 market sub-yards, shalt execute an agreement in triplicate in such form, as maybe prescribed in favour of the seller. One copy of the agreement shalt be kept by the buyer, one copy shall he supplied to the seller and the remaining copy shall be kept in the record of Market Committee. (2) (a) The price of the notified agricultural produce including livestock transacted in the principal market yards. sub-market yards. private market yards, market sub-yards or at e- platfomis shall he paid on the same day to the seller or in the maximum next day if procedurally so required. Payment on notified agricultural produce shall also be made to agriculturist-seller, if sold to the direct marketing licensee, on the same day there itself (h) 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 including livestock, payable to the seller within five days. (c) In case the purchaser does not make payment with additional payment to the seller under clause (a) and (h) 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. (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 two 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. Provided that no commission shall be collected from farmer-seller.