[Code of Federal Regulations]
[Title 7, Volume 10]
[Revised as of January 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR1402.5]

[Page 347]
 
                          TITLE 7--AGRICULTURE
 
  CHAPTER XIV--COMMODITY CREDIT CORPORATION, DEPARTMENT OF AGRICULTURE
 
PART 1402_POLICY FOR CERTAIN COMMODITIES AVAILABLE FOR SALE--Table of Contents
 
Sec.  1402.5  Late payments.

    If payment is not received by CCC within the period specified in the 
sales contract, interest will be assessed by CCC. If a buyer fails to 
make arrangements for payment according to the provisions of the 
contract, CCC retains the right to terminate the sales contract. If CCC 
terminates the sales contract for default in whole or in part, CCC may 
offer the commodity for sale and the original party will be liable to 
CCC for any losses incurred and damages sustained as a result of the 
party's failure to timely remit payment for the commodity.