The Beefnet Exchange will host trading for Members according to established the rules and regulations (“Trading Rules”) set forth on this website. The Exchange may modify these rules and it is the responsibility of the Members to be aware of the current Trading Rules.
Initially Beefnet will offer two auctions, Union Ganaderas and Amarillo Livestock Auction. Union Ganaderas will offer trading in Mexican cattle offered by Mexican sellers. The cattle will originate in the State of Chihuahua. Amarillo Livestock will offer auctions of U.S. originated cattle. These auctions will be both live auctions from the auction barn and Internet auctions of country cattle. The current Trading Rules for each auction will be posted on the web in the Members area and Members will be obligated to read and agree to the terms and conditions of trade associated with each auction.
Beefnet Exchange will allow selling Members to post listings on various products. Sellers and Buyers will match trades according to the protocols established in the terms and conditions of trade. Transaction Fees will be posted for each auction and are subject to change. Member traders will view offerings by auction, product and/or by geographic region.
Each executed transactions will be confirmed with a contract and all follow up trade documentation. Settlement and clearing services will conclude the contract performance. The Beefnet Exchange is not a counterparty or guarantor to any transactions executed on the Exchange.
Article I. TRANSACTION RULES
Section 1.01 The following Transaction Rules are incorporated into and subject to the terms of the Membership Agreement between the Member and Beefnet Exchange. You, as a Member, agree to abide by such Transaction Rules as a condition to your use of the Site and participation on the Exchange.
(a) Transaction Rules - General
(i) Only Members may sell or purchase products and services through the Site.
(ii) You must keep your User Name, and Password confidential at all times.
(iii) A “Transaction” is created within the Exchange when a Transaction Confirmation is created according to rules of the Exchange.
(iv) A “Contract” is created when either party accepts a Firm Offer or Bid from the other party. A “Transaction Confirmation” evidences the terms of the transaction.
(v) A Transaction is binding on both parties under the terms contained within the Transaction Confirmation and may not be unilaterally altered by any party.
(vi) All Transactions on the Exchange are confidential among the Buyer, Seller and Beefnet Exchange. Beefnet may aggregate trade information on the Exchange without disclosing the parties.
(vii) Beefnet is not responsible for information Buyers and Sellers determine to disclose based on their own criteria.
(viii) Beefnet Exchange reserves the right to revoke the access privileges of any Members that fail to conduct business in an honest and fair manner or abide by applicable laws or rules of the Exchange, or who engage in activities or practices in order to manipulate or circumvent the Site.
(ix) Sellers agree not to manipulate the price of any products or services offered on the Exchange, either through the use of shills, alias or decoys, or by acting as a Buyer unless they are approved as a qualified Buyer Member.
(x) Buyers and Sellers will pay transactions fees as disclosed in the terms and conditions of each auction. The obligation to pay Beefnet Exchange the Transaction Fee arises at the time a Transaction occurs on the Exchange. Unless otherwise stated, all fees are quoted in U.S. dollars. A Buyer’s or Seller’s breach of its obligations in respect of any Transaction will not relieve the Member of the obligation to pay to Beefnet Exchange a Transaction Fee in respect of such breached Transaction. Transaction Fees will be collected when the product settles and clears.
Article II. FREIGHT
All Offerings will set forth the terms of purchase including the responsibilities of the parties to the transaction for freight.
Article III. SETTLEMENT AND CLEARING
Section 3.01 Settlement for all transaction on the Beefnet Exchange will be executed by Bank of Commerce upon instruction by the Beefnet Exchange.
Section 3.02 All transactions will have a settlement date and on the settlement date the Buyer will be required to deliver to Buyer’s account at the Bank of Commerce the funds necessary to pay the transaction in collected funds. Sellers will be paid according to the final settlement sheet with collected funds paid the first business day after delivery by an electronic transfer of funds using Automated Clearinghouse transfers (ACH).
Section 3.03 Final Settlement. The final settlement sheet will be provided to both Buyer and Seller and the final settlement sheet will detail all deductions according to the terms and conditions of the sale defined in the contract.