The PACA trust provisions require that buyers maintain a statutory trust on fruits and vegetables received but not yet paid for. Generally, the PACA requires that persons and entities operating in the fruit and vegetable industry live up …
A seller and buyer may agree to payment of no more than 30 days, but the agreement must be in writing.
But see Payment Terms under The PACA Trust for what happens if terms are increased beyond 30 days from delivery. In order to understand how the PACA trust protects you as a produce seller or shipper, it is helpful to know a few terms that are used to talk about PACA: “PACA trust creditor” The sellers or suppliers of produce which have taken the additional legal steps to obtain PACA trust protections are known as “PACA trust creditors.” Produce transactions are governed by state laws under the Uniform Commercial Code and the Federal Perishable Agricultural Commodities Act (PACA). The PACA trust provisions put sellers of fresh and frozen fruits and vegetables in a priority status in the event their buyers become insolvent or file for bankruptcy protection. When a supplier sells produce to a buyer, the supplier becomes eligible to participate in the trust. A key requirement of PACA is the invoice payment terms. The payment terms on the invoice must match the terms on the payment terms agreement. PACA Trust Terms. PACA specifies prompt payment which is defined as payment within 10 days.
Most Common PACA Payment Terms – Sale – 10 days after acceptance; Consignment – 20 days after acceptance; To Growers by Grower’s Agents – 30 days after acceptance; Terms can be changed by written agreement before the transaction.
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