Business / Agriculture / Marketing Contract: Prices (or pricing mechanisms) are established for a commodity before harvest or before the commodity is ready for marketing. Most management decisions remain with the grower, who retains ownership of both production inputs and output until delivery. The farmer assumes the risks of production but shares price risks with the contractor. Marketing contracts are commonly used for crops and not livestock. According to the USDA, about 40% of the value of all fruits and vegetables produced in 1997 were under marketing contracts. Marketing contract shares for selected other commodities were: sugar beets, 82%: milk, 60%: cotton, 33%: cattle, 10%: soybeans, 9.4%: corn, 8%. See production contract.
Contract Verb Synonyms: catch, acquire, get, come down with, develop, become infected with, go down with
Contract Noun Synonyms: engage, agree, promise, covenant, undertake
Contract Adjective Synonyms: agreement, understanding, deal, bargain, arrangement, pact, commitment, obligation, compact
Business / Agriculture / Contract: Written or oral agreement spelling out the parties’ understanding of how a commodity is to be produced and/or marketed, including specifications for quantity, quality, and price. Marketing contracts MORE
Business / Agriculture / Production Contract: These contracts specify who supplies the production inputs, the quality and quantity of the commodity to be produced, and the compensation for the producer. Under some livestock production contracts, MORE