(1) Except in the commercial transaction between two traders, any other person who buys notified agricultural produce including livestock in the principal market yards, submarket yards and market subyards, shall execute an agreement in triplicate in such form, as may be prescribed in favour of the seller. One copy of the agreement shall be kept by the buyer, one copy shall be supplied to the seller and the remaining copy shall be kept in the record of Market Committee.
(2) (a) The price of the notified agricultural produce including livestock transacted in the principal market yards, submarket yards, private market yards, market subyards or at eplatforms shall be paid on the same day to the seller or in the maximum next day if procedurally so required. Payment on notified agricultural produce shall also be made to agriculturistseller, if sold to the direct marketing licensee, on the same day there itself.
(b) In case purchaser does not make payment under clause (a), he shall be liable to make additional payment at the rate of one percent, per day of the total price of the agricultural produce including livestock, payable to the seller within five days.
(c) In case the purchaser does not make payment with additional payment to the seller under clause (a) and (b) above, within five days from the day of such purchase, his licence shall be deemed to have been cancelled on the sixth day and he shall not be granted any licence or permitted to operate under this Act for a period of one year from the date of such cancellation.
(3) Commission agent shall recover his or its commission from his or its principal trader at the rate not exceeding two percent advalorem on transacted nonperishable agricultural produce; while in case of perishable agricultural produce, it shall not exceed 4 percent advalorem on transacted produce, including all expenses as may be incurred by him in storage of the produce and other services rendered by him or it:
Provided that no commission shall be collected from farmerseller.