Meal & Hulls Terms & Conditions

The Contract for the sale of the Commodity is governed by the terms stated by this Confirmation,which include the White River SEYMOUR Terms of Soybean Meal Sales, last revised January 17th, 2024 (the “Sales Terms”), attached hereto, which contain a DISCLAIMER OF WARRANTIES. Please immediately provide your written objections to any of the terms of this Confirmation or the Sales Terms. The failure to object to the Confirmation or its terms shall beconsidered assent to the Confirmation and the Sales Terms. If Buyer fails to return a signed copy of this Confirmation within 10 days of the date of this Confirmation, the Seller may cancel this Contract within 14 days, without liability to Seller, by providing written notice of cancellation to Buyer. Seller expressly limits the terms of the Contract to those stated by this Confirmation, the Sales Terms, and the trade rules incorporated thereby. Seller objects to any additional or contrary terms stated by any document received from Buyer.

THE SOLE PURPOSE OF THIS CONTRACT IS FOR THE PROCUREMENT AND PHYSICAL DELIVERY OF THE COMMODITY. THIS CONTRACT DOES NOT RESULT IN SELLER OPENING A FUTURES OR OPTIONS ACCOUNT OR HAVING A FUTURES OR OPTIONS POSITION IN THE NAME OF THE BUYER. THE PARTIES MAY EMPLOY FUTURES AND/OR OPTIONS PRICES AS A COMMODITY PRICING MECHANISM. THIS CONTRACT IS NOT A FUTURES OR OPTIONS CONTRACT OR A COMMODITY POOL AGREEMENT.

ALL DISPUTES ARISING UNDER OR RELATING TO THIS CONTRACT MUST BE RESOLVED BY MANDATORY BINDING ARBITRATION, AS DESCRIBED IN MORE DETAIL BY THE SALES TERMS.

1. Integration; Amendment; Assignment. This contract is for the sale of the commodity stated on the face of the contract confirmation (the commodity”). The terms of this contract are stated on: the face of the contract confirmation (the “Confirmation”), these White River SEYMOUR Terms of Soybean Meal Sales (the “Sales Terms”), and the trade rules incorporated by reference herein (collectively, the “Contract”). The Contract represents the final, complete, and exclusive statement of the agreement between Buyer and Seller regarding the sale of the Commodity. The terms of this Contract may be amended, modified, or supplemented only in writing signed by an authorized representative of each party. Seller may, in its sole discretion, assign its rights and obligations under this Contract upon written notice to Buyer. Buyer may not assign its rights and obligations under this Contract without written consent from the Seller, signed by an authorized representative of Seller.
2. Terms and Conditions. The Sales Terms shall apply to all contracts for the sale of soybean mealor hulls between Buyer and Seller.
3. Trade Rules. This Contract and the parties’ obligations arising hereunder are governed by the Trading Rules for the Purchase and Sale of Soybean Meal established by the NationalOilseed Processors Association and in effect on the date of the Contract (the “Trade Rules”), which are incorporated by reference herein. In the event that any term of the Sales Terms or the Confirmation (collectively, the “Written Agreement”) vary or in any way conflict with the Trade Rules, the terms of Written Agreement shall control.
4. Events of Default. The Buyer shall have the defaulted on the Contract if any of the following events occur: (1) Buyer fails to accept a tender of conforming Commodity; (2) Buyer fails to make full and timely payment for the Commodity when due; (3) Buyer fails to set basis by the deadline stated on the Confirmation; (4) Buyer breaches any other obligation of the Contract or any other contract between Buyer and Seller;(5) a voluntary or involuntary petition for bankruptcy is filed by or against Buyer; (6) a court appoints a receiver of Buyer in favor of Buyer’s creditors; or (7) dissolution, liquidation, merger, or sales of Buyer or a substantial part of Buyer’s assets.
5. Default Remedies. Upon default by the Buyer, Seller may, but is not required to, elect at its sole discretion and without limitation to: (a) resell the commodity in the open market, in whichcase the Buyer shall pay Seller any difference between the Contract price and the resale price;(b) cancel the contract, in which case the buyer shall pay the seller the difference between the Contract price and the mark.et price; or (c)extend the delivery period by an additional thirty days. Seller shall not be liable to Buyer in the event that the fair mark.et value of the Commodyexceeds the Contract price on the date of cancellation or resale. If Buyer defaults by failing to set basis by the deadline stated on the Confirmation, Seller may in its sole discretion and in additionto any of the foregoing rights and remedies, set basis using the basis offered by Buyer for the Delivery Period on the date of notice to Buyer.
6. Right to Assurances. If Seller has reasonable grounds for insecurity regarding Buyer’s default or the performance of any of Buyer’s obligations under this Contract (which shallinclude, without limitation: (a) a material change in the creditworthiness of Buyer or its guarantor; and (b) default or perceived risk of default by Buyer on any other contract betweenBuyer and Seller), Seller may demand that Buyer provide any reasonable written assurances of performance requested by Seller. Failure by Buyer to provide the requested assurances bythe date requested by Seller, or within five business days if no date is stated, shall be a repudiation and default of the Contract by Buyer.
7. Right to Setoff. Without limiting any of Seller’s rights and remedies, Seller shall have theright, at its sole discretion and upon written notice to Buyer, to set off any mutual debts and claims of any kind between Buyer and Seller against amounts owed by Seller to Buyer.
8. Non-Waiver. Any right of Seller under the Contract shall not be deemed to have been waived by Seller unless evidenced by a writing signed by Seller, and in the event of any such waiver, it shall apply only to the referenced occurrence and shall not apply to any future occurrences.
9. Indemnification. Buyer shall defend, indemnify, and hold harmless Seller against any losses, damages, claims, liabilities, and expenses, including without limitation, reasonable attorneys’ fees, arising from or relating to: (a) this Contract; (b) the Commodity, including Buyer’s use or resale of the Commodity; and (c) transport of the Commodity. Buyer’s obligation todefend, indemnify, and hold harmless extends to and includes claims of Seller’s sole negligence.
10. Grades; Weights; Inspection; Quality Claims. Origin weights and grades shall govern.Buyer shall immediately inspect the Commodity upon receipt. If the Buyer claims any defect or deficiency of the quality or quantity of the Commodity, the Buyer shall submit Buyer’s claim in writing, including Buyer’s analysis and scale tickets as applicable, within five business days of transfer of title of the Commodities. If Buyer fails to submit its claim within the five business days, Buyer waives all claims concerning or relating to defects of quality, grade, or quantity. All other claims of Buyer shall be waived unless submitted in writing to Seller within thirty days from the transfer of title of the Commodities.
11. Over-Fills and Under-Fills. Seller may satisfy its obligations to tender the Commodity by tendering the quantity of Commodity stated on the Confirmation, plus or minus two percent.
12. Billing Instructions; Seller’s Call. If tender or delivery of the Commodity is to be made atSeller’s call, Seller shall provide billing instructions to Buyer on or before the later of: (a) the eighth day of the month of delivery; or (b) ten days prior to the end of the delivery period.
13. Title; Risk of Loss. If the Commodity is sold FOB Seller’s location: (a) title and risk of loss to the Commodity shall transfer to Buyer upon the loading of the Commodity into means of conveyance of Buyer or Buyer’s carrier; and (b) any Commodity lost or damaged during transit shall be the responsibility of Buyer. If the Commodity is in transit at the time of sale, title andrisk of loss to the Commodity shall transfer to Buyer upon delivery to Buyer, unless otherwise stated on the Confirmation. If the Commodity is sold delivered: (a) title and risk of loss to the Commodity shall transfer to Buyer at the time of delivery; and (b) Buyer shall be responsible forsubmitting claims to the carrier, if any, for any shortages or damaged Commodity. Seller shallnot be responsible for shortage or damage upon delivery unless, within 30 days of delivery, Buyer provides a certification and inspection report from the carrier reflecting that the loss did not occur during transit.
14. Freight Rates. Unless otherwise stated on the Confirmation, delivered prices specified thereby are based on freight rates in effect on the date of sale and any increase in freight ratesor fuel surcharges are for Buyer’s account. Any existing, new or increased tax, charge, duty, tariff or any similar fees hereinafter imposed by any governmental entity shall be paid by Buyer. Re-consignment or diversion of any private rail car furnished by Seller is prohibited unless Seller consents in advance to such re-consignment or diversion in writing. Buyer is liable for all detention charges for Seller’s rail cars.
15. Installments. Seller may make delivery in installments and require payment for such installments without regard to subsequent deliveries. Failure on the part of Seller to deliver, delay in delivery, or non-conformity of any installment shall not be a breach of the entire Contract or any other contract between the parties.
16. Buyer’s Remedies. Seller’s liability for any breach of this Contract or any claim arising from or relating to this Contract shall not exceed the price paid or to be paid by Buyer for the Commodity. In the event that the tendered Commodity does not conform to the terms of theContract, Buyer’s sole remedy shall be, at Seller’s sole discretion: (a) return of the purchase price of the Commodity; or (b) return of the Commodity.
17. Warranties. Seller warrants that at the time that title to the Commodity transfers to Seller the Commodity will materially comply with the description of the Commodity as stated by theConfirmation. EXCEPT FOR THE WARRANTY SET FORTH IN THE PRECEDING SENTENCE, SELLER MAKES NO WARRANTY WHATSOEVER WITH RESPECT TO THE COMMODITY,AND SELLER DISCLAIMS ANY (a) WARRANTY OF MERCHANTABILITY; (b) WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE; (c) WARRANTY AGAINST INFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS OF A THIRD PARTY; AND (d) ALL OTHERWARRANTIES EXPRESS OR IMPLIED BY LAW, COURSE OF DEALING, COURSE OF PERFORMANCE, USAGE OF TRADE, THE TRADE RULES, OR OTHERWISE.
18. Arbitration. ALL DISPUTES AND CONTROVERSIES OF ANY NATURE WHATSOEVER BETWEEN THE PARTIES ARISING UNDER OR RELATING TO THIS CONTRACT, OR ANY OTHER COMMODITY CONTRACT BETWEEN THE PARTIES, MUST BE RESOLVED ACCORDING TO NOPA TERMS.

AWARD ISSUED THEREUNDER SHALL BE FINAL AND BINDING ON THE PARTIES. JUDGEMENT UPON ANY ARBITRATION AWARD MAY BE ENTERED AND ENFORCED IN ANY COURT HAVING JURISDICTION.

19. Attorneys’ Fees; Costs. The prevailing party in any litigation or arbitration that relates in any way to this Contract shall be entitled to recover from the non- prevailing party allreasonable attorney fees and costs incurred in defending or prosecuting the litigation orarbitration.

20. Force Majeure. Neither party shall be liable for failure to perform the Contract caused by a condition beyond that parties’ reasonable control. Causes beyond Seller’s reasonable controlinclude, without limitation, the unavailability of raw materials, labor shortages, or production stops caused by natural disaster, act of war or terrorism, riot, labor condition, governmentalaction, hacking, or pandemics (including the COVID-19 pandemic).