RS 3:713 Payment time; penalty
§713. Payment time; penalty
A. Every fixed-price contract shall set forth clearly and unambiguously the terms of payment and the time period within which payment in full shall be completed.
B. Should the first purchaser fail or refuse to pay in full on or before the last day of the time period specified in a fixed-price contract such first purchaser shall pay to the grower interest at the rate of one and one-half per cent per month, computed on a daily basis on the unpaid balance beginning on the first day after expiration of the payment period and continuing until payment in full of the unpaid balance.
C. Every cooperative marketing agreement shall set forth the time at which final payment of a grower's proportionate part of net proceeds shall be paid to him. This Section shall not preclude such agreements from containing optional payment terms to be elected by the grower.
D. Should a cooperative fail or refuse to pay in full to a grower such grower's proportionate part of net proceeds on or before the last day specified or elected under the terms of the cooperative marketing agreement, such cooperative shall pay interest to such grower at the rate of one and one-half per cent per month, computed on a daily basis on the unpaid balance of such grower's proportionate part of net proceeds beginning on the first day after expiration of the payment period and continuing until payment in full of the unpaid balance.
E. Payment and interest provided by this Section shall become due and accrue without further requirement of presentment, demand, protest or other notice.
Added by Acts 1977, No. 24, §1.