209.02.22-VIII. Record Keeping
AR ADC 209.02.22-VIIIArkansas Administrative Code
Ark. Admin. Code 209.02.22-VIII
209.02.22-VIII. Record Keeping
Recordkeeping and Retention Requirements
Grain dealers will provide all records required by the director upon request and are required to keep said records for a period of not less than 5 fiscal years of the dealer. Required records will include all purchase contracts, all sales contracts, all scale tickets, all settlement sheets, all delivery tickets and any other document acquired in relation to the buying and selling of each lot of grain handled.
Purchase Contracts
A. A purchase contract is a written document which lists all conditions and requirements being agreed to in the transaction to transfer title of a grain lot from a seller to a buyer. The document must show the document preparation date, all other items shown in paragraph B and any other conditions relevant to the transaction agreed to by the seller and buyer. Contracts shall be between the buyer and the seller and contract details are not constructed by these rules.
B. It shall be the responsibility of grain dealers to draw up an agreement in writing which shall contain a statement informing the seller all title to the grain is being relinquished to the buyer. All agreements must have a lien holder statement. All agreements must have the slow-pay hotline number, labeled as such, on the contract. When applicable all contracts must have a date for the payment to be made. That payment date may be any date that is agreeable to the parties involved and is not to be determined by these rules, except that if no payment date is specified, then the payment date will be considered to be thirty (30) days after the contract preparation date. The Director may require any additional information from a grain dealer that is deemed necessary to protect the interest of the seller of grain in these transactions. All contracts shall be pre-numbered with no number duplication. The Director or the appointed representative shall approve the kind of contract form to be used by grain dealers. Contracts include, but are not limited to, deferred pricing contracts, deferred payment or booking contracts, and basis contracts. Parties have thirty (30) days, after date of preparation, to get documents signed. If conditions dictate grain be moved prior to securing signatures on the contract, a statement to that effect must be included in the executed contract.
C. Scale tickets used to document measurement of grain quantities transferred from one entity to another shall originate at a facility using scales that have been inspected and place in service in accordance with Arkansas Bureau of Standards rules. These scale tickets must be numbered with a unique number that is identifiable and traceable to the facility issuing the ticket.
Destination Contracts --These are written documents prepared to transfer title of a quantity of grain from a Grain Dealer or current title holder to a subsequent buyer.
All destination contracts must be kept on file. These destination contracts, upon delivery of contracted grain, must be supported by additional records that show which purchased grain lots (as indicated by referenced purchase contract numbers) were used to fill the particular sale covered by the destination contract. Additional records such as records listing the transporter of the grain, quantity of grain carried in each load if multiple loads are used to move the total quantity of grain sold are to be kept with the destination contracts. Details of grain transferred, i.e. scale tickets, purchase contract numbers, delivery details, settlement sheets (summaries) and other documents used in the purchase, used to fill the total quantity of the destination contract are to be kept by the dealer.
Delivery Tickets -- These documents are to confirm the transfer and receipt of grain from one entity to another with sufficient description to allow positive identification of the grain lot being transferred.
Each grain dealer shall issue to all sellers of grain to the dealer a pre-numbered officially approved delivery ticket which shall be issued in numerical order. All officially approved delivery tickets must contain the original and no fewer than two copies.
Delivery tickets shall list, with copies attached, official scale tickets or an official load summary showing the receipt of the grain covered by the delivery ticket.
Settlements -- Settlements are documents that fully explain the grain purchase transaction between the parties involved in the transaction.
All grain dealer purchases must be confirmed by preparation of a written settlement document. The documents will be completed in a numerical sequence as they are prepared. All settlements must have the name of the grain seller(s). All purchase settlements must have the date when payment was made and the check number or other means of payment is noted. All settlements must list the purchase contract number(s) applicable to the settlement. All settlements must have a delivery sheet or load summary to attest all scale tickets for all grain being purchased by the settlement.
Daily Position Record -- A written record, prepared on a daily basis, to reflect the agreements made for grain purchases that day and agreements to be filled as of that date. Dealers may use a form made available by the Plant Board for this function. Use of this form will constitute compliance with this requirement.
Credits
Adopted Dec. 1, 2015.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 209.02.22-VIII, AR ADC 209.02.22-VIII
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