Canola Markets

[wmoebis]

Thanks I see that now.

[Goodtime]

Klause, they are located in Winnipeg. May have to go back to the line companies, get paid less but at least know when and if will get paid.

[checking]

When a farmer has to pay to receive a broker's advertising, a big question mark pops up on my radar. They can go straight to ...

[jd3007]

Goodtime do you have a name? I have a fall contact with a Winnipeg company through Johnstons. Just wondering if it is the same guys.

[oneoff]

Newco comes to mind; but if you didn't mind waiting 3 years; the principal was at least finally paid.

Thats not to say that Johnstons probably had a thing to do with expediting any payment. They sort of washed their hands and I'm not sure they went to bat for anyone.

One would think they could have been a little more savy about their customers and markets at the time. Must remember all they had to lose was a commission.

[Goodtime]

I dealt with Newco a while back but thankfully about a year before they went broke. JD I will def let you know once I really find out if I don't get paid. It pisses me off that you sign a contract that you are supposed to be paid 10-14 days after unload, and I am at that plus another 16 days and counting. Likely blended and resold the oats to another outfit and won't pay the farmer until they get paid which sucks (best case scenario).

[farmaholic]

There is a Processor near me that is notorious for paying late. If I remember correctly, their contracts state 30 days. They've always paid but it is maddening to have to wait. The longer it takes the more doubtful one becomes. I've seen contracts that say "10 business days" which tranlates into 14 days...

My theory is, we're not your banker, have in place sufficient credit with a line of credit or operating loan, we have to.....

[farmaholic]

What penalty should be applied for late acceptance of contracted product?

What compensation should be paid for late payment? Whether product was delivered/recieved on time or later than contracted terms?

It is a bit of a game of give and take. Remember, how would you like to be treated if for some reason you couldn't live up to the terms of the contract?

Obviously there are no exceptions to payment default.

[Goodtime]

I am usually pretty cautious when contracting and haven't ran into an issue with not fulfilling a contract obligation (knock on wood). If they are going to pay in 30 days they should put it in the contract so a guy can be prepared for it. At least it would keep a person from doubting them and it would lower the stress level.

[farmaholic]

Agreed. Yes you're right.