7 U.S.C. § 1703 — Terms and conditions of sales
submitted 72 years ago by ch. 469 to r/title-7-AGRICULTURE · 265 words · no verdicts yet
This section sets the payment terms for agreements to sell agricultural commodities. It covers dollars and local currency, interest, payment timing, deferred payments, and delivery.
(a) Payment. (1) Dollars. Unless paragraph (2) applies, an agreement under this subchapter must require payment for agricultural commodities in dollars. (2) Local currency. (A) General rule. The Secretary* can allow payment in the appropriate country’s local currency so the payment proceeds can be used for activities under section 1704. (B) Exchange rates. Local-currency payments must use exchange rates no less favorable than the highest rate legally available in that country and no less favorable than the highest rate available to any other country.
(b) Interest. The agreement must provide that deferred payments earn interest at a concessional rate the Secretary considers appropriate.
(c) Duration. The agreement can require payment in reasonable yearly amounts over a period stated in the agreement, but that period cannot be longer than 30 years after the date of the last commodity delivery in each year covered by the agreement.
(d) Deferred payments. The Secretary can postpone the date when the developing country* or private entity must begin paying, but not for more than 5 years after the last delivery in each year. Interest is calculated from that last-delivery date.
(e) Delivery. The commodities must be delivered under the agreement’s terms.
Except as provided in paragraph (2), agreements under this subchapter shall require that payment for agricultural commodities be made in dollars.
The Secretary* may permit payment under an agreement under this subchapter in the local currency of the appropriate country in order to use the proceeds from such payments to carry out activities under section 1704 of this title.
Payments in local currency shall be at rates of exchange that are no less favorable than the highest exchange rate legally obtainable in the country and that are no less favorable than the highest exchange rate obtainable by any other country.
Such agreements shall provide that interest accrue on the payment deferred under such agreement at a concessional rate as determined appropriate by the Secretary.
Payments required under such agreements may be made in reasonable annual amounts over the period (not more than 30 years from the date of the last delivery of commodities in each year under such agreement) specified in the agreement.
The Secretary may defer the date on which the developing country* or private entity is required to begin making payment, under such agreements, for a period of not in excess of 5 years after the date of the last delivery of commodities in each year under the agreement, and interest shall be computed from the date of such last delivery.
Delivery of the commodities shall be made in accordance with the terms of the agreement.
Source credit: (July 10, 1954, ch. 469, title I, § 103, 68 Stat. 456; Aug. 12, 1955, ch. 873, § 1, 69 Stat. 721; May 28, 1956, ch. 327, title II, § 208(a), 70 Stat. 201; Aug. 3, 1956, ch. 933, § 1, 70 Stat. 988; Pub. L. 85–128, § 1(2), Aug. 13, 1957, 71 Stat. 345; Pub. L. 85–931, § 2, Sept. 6, 1958, 72 Stat. 1790; Pub. L. 86–341, title I, § 2, Sept. 21, 1959, 73 Stat. 606; Pub. L. 87–28, May 4, 1961, 75 Stat. 64; Pub. L. 87–128, title II, § 201(2), Aug. 8, 1961, 75 Stat. 306; Pub. L. 88–638, § 1(4), (5), Oct. 8, 1964, 78 Stat. 1035; Pub. L. 89–808, § 2(B), Nov. 11, 1966, 80 Stat. 1526; Pub. L. 90–436, §§ 4, 5, July 29, 1968, 82 Stat. 450; Pub. L. 91–524, title VII, § 703, Nov. 30, 1970, as added Pub. L. 93–86, § 1(26), Aug. 10, 1973, 87 Stat. 237; Pub. L. 93–125, § 1(e), Oct. 18, 1973, 87 Stat. 450; Pub. L. 94–161, title II, § 203, Dec. 20, 1975, 89 Stat. 851; Pub. L. 95–88, title II, §§ 201(b), 211(b)(1), Aug. 3, 1977, 91 Stat. 545, 551; Pub. L. 95–424, title I, § 102(b)(2)(B), Oct. 6, 1978, 92 Stat. 941; Pub. L. 96–53, title II, § 201, Aug. 14, 1979, 93 Stat. 368; Pub. L. 97–113, title IV, § 401(2)–(4), Dec. 29, 1981, 95 Stat. 1537; Pub. L. 99–198, title XI, § 1111(d), Dec. 23, 1985, 99 Stat. 1475; Pub. L. 100–202, § 9, Dec. 22, 1987, 101 Stat. 1329–448; Pub. L. 101–624, title XV, § 1512, Nov. 28, 1990, 104 Stat. 3634; Pub. L. 104–127, title II, § 204, Apr. 4, 1996, 110 Stat. 953.)
- 1954Enacted · Act of July 10, 1954, ch. 469 · 68 Stat. 456
- 1955Amended · Act of Aug. 12, 1955, ch. 873 · 69 Stat. 721
- 1956Amended · Act of May 28, 1956, ch. 327 · 70 Stat. 201
- 1956Amended · Act of Aug. 3, 1956, ch. 933 · 70 Stat. 988
- 1957Amended · Pub. L. 85-128 · 71 Stat. 345
- 1958Amended · Pub. L. 85-931 · 72 Stat. 1790
- 1959Amended · Pub. L. 86-341 · 73 Stat. 606
- 1961Amended · Pub. L. 87-28 · 75 Stat. 64
- 1961Amended · Pub. L. 87-128 · 75 Stat. 306
- 1964Amended · Pub. L. 88-638 · 78 Stat. 1035
- 1966Amended · Pub. L. 89-808 · 80 Stat. 1526
- 1968Amended · Pub. L. 90-436 · 82 Stat. 450
- 1970Amended · Pub. L. 91-524 · 87 Stat. 237
- 1973Amended · Pub. L. 93-125 · 87 Stat. 450
- 1975Amended · Pub. L. 94-161 · 89 Stat. 851
- 1977Amended · Pub. L. 95-88 · 91 Stat. 545, 551
- 1978Amended · Pub. L. 95-424 · 92 Stat. 941
- 1979Amended · Pub. L. 96-53 · 93 Stat. 368
- 1981Amended · Pub. L. 97-113 · 95 Stat. 1537
- 1985Amended · Pub. L. 99-198 · 99 Stat. 1475
- 1987Amended · Pub. L. 100-202 · 101 Stat. 1329
- 1990Amended · Pub. L. 101-624 · 104 Stat. 3634
- 1996Amended · Pub. L. 104-127 · 110 Stat. 953
A history note hasn’t been published yet. The record shows enactment by ch. 469 on 1954-07-10.
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