Hemp processor contract

Hemp processor contract means a legal written agreement executed between the producer and hemp processor engaged in the production and processing of hemp containing at a minimum:
(1) The producer's promise to plant and grow hemp and to deliver all hemp to the hemp processor;
(2) The hemp processor's promise to purchase the hemp produced by the producer; and
(3) A base contract price, or method to derive a value that will be paid to the producer for the production as specified in the processor's contract.
(4) For a producer who is also a hemp processor, a corporate resolution by the Board of Directors or officers of the hemp processor will be considered a hemp processor contract if it contains the required terms listed in this definition.

Source

7 CFR § 1437.3

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Scoping language

The terms and definitions in this section apply to NAP. The terms and definitions in part 718 of this title and part 1400 of this chapter also apply to NAP, except where those same terms are defined in this section. In that case, the terms and definitions of this section apply.

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