(a) Provides for the price of the seed to be determined no later than March 15 of the calendar year following harvesting of the seed;
(b) Requires the seed dealer to make a partial payment no later than March 15 of the calendar year following harvesting of the seed that is at least 40 percent of the full payment amount; and
(c) States the date by which final payment for the seed is due.
(2) If a seed production contract that is authenticated by the producer and seed dealer prior to the producer planting the agricultural seed does not contain each provision, requirement and statement described in subsection (1)(a) to (c) of this section, notwithstanding any contrary payment due date terms stated in the contract, the payment due date terms of the contract are subject to ORS 576.718 (1)(b).
(3) An extension or renewal of any seed production contract, regardless of when the contract was authenticated, may contain payment due date terms that differ from the payment due date terms described in ORS 576.718 (1)(b) if the extension or renewal contains the provision, requirement and statement described in subsection (1)(a) to (c) of this section. If an extension or renewal of a seed production contract does not contain each provision, requirement and statement described in subsection (1)(a) to (c) of this section, notwithstanding any contrary payment due date terms stated in the extension or renewal, the payment due date terms for the extension or renewal are subject to ORS 576.718 (1)(b).
(4) It is an implied condition of any payment requirement created as provided under this section that the producer is performing, or has completed performance, in accordance with the seed production contract and has not otherwise breached the contract. [2011 c.356 §3]
Note: See note under 576.715.