Form P Sp 1 PDF Details

In the complex landscape of the agriculture and livestock industry, navigating legal requirements is a must for ensuring compliance and operational integrity. Among these requirements, the P&SP-1 form represents a critical component mandated by the U.S. Department of Agriculture's Grain Inspection, Packers and Stockyards Administration under the Packers and Stockyards Act of 1921, as amended and supplemented. This form, officially tied to OMB control number 0580-0015 as per the Paperwork Reduction Act of 1995, sets the stage for entities operating as market agencies or dealers to legally engage in business. The completion of this form, estimated to take roughly 0.75 hours, includes providing information on bonds required for livestock market agencies, dealers, and packers — a testament to the form's role in securing financial integrity and trust within the market. Beyond statutory compliance, the P&SP-1 form carries conditions designed to shield against financial malpractices by ensuring that market participants meet their financial obligations promptly and accurately. It also outlines procedures for claim filings and dispute resolutions, safeguarding the interests of all parties involved. As such, the P&SP-1 is more than a bureaucratic formality; it is a fundamental instrument that sustains the orderly conduct of transactions within the livestock market, underscoring the USDA's commitment to maintaining fair and competitive trading practices.

QuestionAnswer
Form NameForm P Sp 1
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesregistrant, omissions, viz, hereof

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OMB CONTROL NO. 0580-0015

Registration is required in order to operate as a market agency or dealer as defined in Section 301 (7 U.S.C. 201) of the Packers and Stockyards Act, 1921, as amended and supplemented and 9 CFR 201.10 (a). Information held confidential (9 CFR 201.96).

U.S. DEPARTMENT OF AGRICULTURE

GRAIN INSPECTION, PACKERS AND STOCKYARDS ADMINISTRATION

PACKERS AND STOCKYARDS PROGRAMS

According to the Paperwork Reduction Act of 1995, no persons are required to respond to a collection of information unless it displays a valid OMB control number. The valid OMB control number for this information is 0580-0015. The time required to complete this information collection is estimated to average .75 hours per response, including the time to review instructions, search existing data resources, gather the data needed, and complete and review the information collection.

BOND REQUIRED OF

LIVESTOCK MARKET AGENCIES, DEALERS, AND PACKERS

SUBJECT TO THE PACKERS AND STOCKYARDSACT, 1921, AS AMENDED AND SUPPLEMENTED

1. BOND NUMBER

 

2. PRINCIPAL NAME AND ADDRESS

 

3. SURETY NAME AND ADDRESS

 

 

 

 

 

 

 

4. TRUSTEE (List if required by State, Principal, or Surety)

 

 

 

 

 

 

 

 

 

 

 

 

5. AMOUNT OF BOND (Spell out dollar amount)

 

 

DOLLAR AMOUNT

 

 

 

$

 

 

 

 

 

 

 

 

6. The Condition of this Bond is such that:

 

 

 

 

 

 

 

 

Applicable if Principal SELLS

(1) If Principal pays when due to the person or persons entitled thereto the gross

 

On commission

amount, less lawful charges, for which all livestock is sold for the accounts of others

 

 

by Principal,

 

Applicable if Principal BUYS on commission

(2) If Principal pays when due to the person or persons entitled thereto the purchase

 

Or as a dealer

price of all livestock purchased by Principal for his/her own account or for the

 

 

accounts of others, and if Principal safely keeps and properly disburses all funds, if

 

 

any, which come into his/her hands for the purpose of paying for livestock purchased

 

 

for the accounts of others,

 

Applicable if others CLEAR through Principal

(3) If Principal, acting as a clearing agency responsible for the financial obligations of

 

 

other registrants engaged in buying livestock, viz.: (insert here the names of such

 

 

other registrants as they appear in their applications for registration);

 

 

or if such other registrants, shall (1) pay when due to the person or persons entitled

 

 

thereto the purchase price of all livestock purchased by such other registrants for their

 

 

own accounts or for the accounts of others and (2) safely keep and properly disburse

 

 

all funds coming into the hands of Principal or such other registrants for the purpose

 

 

of paying for livestock purchased for the accounts of others,

 

Applicable if Principal BUYS as a Packer

(4) If Principal shall pay when due to the person or persons entitled thereto the

 

 

purchase price of all livestock purchased by Principal for his/her own account,

then this bond shall be null and void, otherwise to remain in full force, subject to the following terms, conditions, and limitations:

(a)This bond shall apply only to transactions occurring on or at any time after the date hereof, and before the effective date of termination hereof as hereinafter provided.

(b)Payment by Surety to a claimant or to Trustee in settlement of one or more claims shall discharge Surety as to those claims and shall reduce the penal sum of this bond to the extent of such payment or payments.

FORM P&SP-1

MAY 2001

PREVIOUS EDITIONS ARE OBSOLETE

PAGE 1 OF 2

(c)Any person damaged by failure of Principal to comply with any condition clause of this bond may maintain suit in his or her own name to recover on this bond even though such person is not a party named in this bond. Trustee may maintain suit in his or her own name, the recovery to be made for the use of the persons damaged. Principal and Surety hereby waive every defense, if any, based on the fact that any person damaged or in whose name a suit shall be brought, is not a party or privy to this bond.

(d)Any claim for recovery on this bond must be filed in writing with either Surety, or Trustee if one is named, or the Deputy Administrator, Packers and Stockyards Programs, Grain Inspection, Packers and Stockyards Administration, United States Department of Agriculture, and whichever of these parties receives such a claim shall notify the other such party or parties at the earliest practicable date. All claims must be filed within 60 days of the date of the transaction on which the claim is based. Suit thereon shall not be commenced in less than 120 days or more than 547 days from the date of the transaction on which the claim is based.

(e)The Packers and Stockyards Programs, Grain Inspection, Packers and Stockyards Administration, United States Department of Agriculture, is authorized to designate a trustee to represent all claimants under this bond if (1) any claim is filed or any action is required to recover damages for breach of any condition of this bond, and if (2) a trustee is not designated herein or Trustee designated herein fails or is unable to act or serve.

(f)Surety shall not be liable to pay any claim for recovery on this bond if it is not filed in writing within 60 days from the date of the transaction on which the claim is based, or if suit thereon is commenced less than 120 or more than 547 days from the date of the transaction on which the claim is based.

(g)The proceeds of this bond shall not be used to pay fees, salaries, or expenses for legal representation of Surety or Principal.

(h)The term “person” as used in this bond shall be construed to mean and include both singular and plural, corporations, partnerships, associations, individuals, and the heirs, executors, administrators, successors, or assigns thereof.

(i)The acts, omissions or failures of authorized agents or representatives of Principal or persons whom Principal shall knowingly permit to represent themselves as acting for Principal shall be taken and construed to be the acts, omissions, or failures of Principal and to be within the protection of this bond to the same extent and in the same manner as if they were the personal acts of Principal.

(j)Termination of the clearing services for a registrant under condition clause three (3) of this bond may be accomplished by issuance of a rider or endorsement by Surety herein deleting the name of the registrant as a clearee. Termination of the clearing services shall become effective thirty (30) days after the date of receipt of the rider or endorsement by the Packers and Stockyards Programs.

(k)This bond may be terminated by either party hereto delivering written notice of termination to the other party and the Packers and Stockyards Programs at least thirty (30) days prior to the effective date of such termination. In the event that Surety writes a new bond to replace this bond for the same Principal, the thirty (30) day termination will be waived, and this bond will terminate as of the effective date of the replacement bond. Immediately upon filing of a claim for recovery on this bond, unless Surety believes that such claim is frivolous, Surety shall cause termination of this bond in accordance with this paragraph.

(l)A fully executed duplicate of this bond and of any endorsement, amendment, rider, or other attachment hereto, shall be filed with the Regional Supervisor, Packers and Stockyards Programs, for the area in which Principal resides or has his/hers or its principal place of business.

(m)Conditions __________ and __________ were deleted prior to execution and are not part hereof.

7. SIGNATURES

PRINCIPAL'S SIGNATURE

SURETY'S SIGNATURE

NAME & TITLE

NAME & TITLE

TRUSTEE'S SIGNATURE, NAME & TITLE

8.DATE EFFECTIVE

9.ATTACH POWER OF ATTORNEY

FORM P&SP-1

MAY 2001

PREVIOUS EDITIONS ARE OBSOLETE

PAGE 2 OF 2

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Stage number 1 in filling in thereon

2. Just after this part is filled out, go on to type in the applicable details in all these: Applicable if Principal BUYS as a, If Principal pays when due to the, then this bond shall be null and, a This bond shall apply only to, termination hereof as hereinafter, b Payment by Surety to a claimant, shall reduce the penal sum of this, FORM PSP MAY PREVIOUS EDITIONS, and PAGE OF.

Part no. 2 in filling in thereon

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3. This 3rd step should also be fairly uncomplicated, l A fully executed duplicate of, m Conditions and were deleted, SURETYS SIGNATURE NAME TITLE, SIGNATURES PRINCIPALS SIGNATURE, NAME TITLE, TRUSTEES SIGNATURE NAME TITLE, DATE EFFECTIVE, and ATTACH POWER OF ATTORNEY - all these form fields is required to be filled out here.

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