Law No. VIII-1422 “On purchase of agricultural commodities”.

This Law prescribes the standard terms and conditions of a contract for the sale and purchase of agricultural commodities, the terms and conditions of payment for agricultural products, the term of the procedure for acceptance and/or inspection of agricultural commodities, the order of write-off of funds for delivered agricultural commodities, the circumstances in which interest is paid, the procedure for calculating and paying this interest and the procedure for reimbursing recovery costs in the event of late payment, as well as the provision of information on the settlement status. Payment for agricultural commodities means the transfer of cash from the purchaser of agricultural products directly to the seller of agricultural commodities or the transfer of non-cash money through a payment service provider. Agricultural commodities shall be intended agricultural products and foodstuffs, compound feeding stuffs and other agricultural products, which have undergone certain treatment, or processing. It also regulates the order of write-off, when the purchaser of agricultural commodities does not have sufficient funds in his account to settle all the claims made. The provisions of this Law governing the payment of agricultural commodities shall apply to economic entities who purchase agricultural products for processing, use for the needs of their holding or catering needs and/or sell them. A buyer of agricultural commodities may purchase agricultural produce only if he has concluded a purchase and sale contract with the seller of agricultural commodities. The Law establishes terms and conditions of a model purchase and sale contract of agricultural commodities and liability for violation of the provisions of this Law.