DELIVERY NOTICES START WITH THE LETTER “O” FOR THE 1st TRI OF FY 2019
CVAC will be calling in 35% of corn deliveries for the 1st trimester. Keep in mind when delivering your corn the beginning of the week tends to be the busier days of the week for corn delivery.
SHAREHOLDERS WHO OWN 50,000 SHARES OR MORE will continue to have 2 weeks in which to deliver their corn.
DELIVERY NOTICE PROCEDURE
The members of the cooperative shall have the right to deliver on the open delivery policy by contacting CVAC or one of its representatives a minimum of two weeks before the desired delivery week. The CVAC office will then send out delivery notices to shareholders in the predetermined alphabetical order to fill the balance of the weekly needs two weeks prior to the delivery week. Shareholders will have one week to delivery their corn if they own less than 50,000 shares. Shareholders will have two weeks to delivery their corn if they own more than 50,000 shares. One week after the end of the scheduled delivery period a second notice will be sent by registered mail which will inform the shareholder that they have one week to deliver or CVAC will purchase the corn for them.
FAILURE TO DELIVER
If a shareholder does not meet the above stated delivery requirements CVAC will proceed as follows:
- CVAC will purchase the required bushels for the shareholder and will invoice the shareholder the purchase price plus ten percent per bushel. (If the shareholder made partial delivery on his corn the invoiced amount will be deducted from his corn check).
- There will be no interest, storage, freight, and price adjustment or distribution payments to shareholders on corn purchased for them by CVAC.
- If the shareholder fails to pay for corn purchased for them by CVAC, the balance will remain on account with interest being charged monthly at the current allowable rate until the balance is greater than the par value on the shares at which time the shareholder’s membership in the Cooperative will be terminated.
This policy is not intended nor shall it preclude CVAC from exercising another or different right at any time in the future as more particularly described in the marketing agreement in the event that shareholder fails to deliver corn.