7 USC 7214 - Determination of contract payments under contracts

U.S Code last checked for updates: May 02, 2024

§ 7214.

Determination of contract payments under contracts

(a)

Individual payment quantity of contract commodities

For each contract, the payment quantity of a contract commodity for each fiscal year shall be equal to the product of—

(1)

85 percent of the contract acreage; and

(2)

the farm program payment yield.

(b)

Annual payment quantity of contract commodities

(c)

Annual payment rate

The payment rate for a contract commodity for each fiscal year shall be equal to—

(1)

the amount made available under section 7213 of this title for the contract commodity for the fiscal year; divided by

(2)

the amount determined under subsection (b) for the fiscal year.

(d)

Annual payment amount

The amount to be paid under a contract in effect for each fiscal year with respect to all contract commodities covered by the contract shall be equal to the sum of the products of—

(1)

the payment quantity determined under subsection (a) for each of the contract commodities covered by the contract; and

(2)

the corresponding payment rate for the contract commodity in effect under subsection (c).

(e)

Reduction in payment amount

(f)

Assignment of contract payments

(g)

Sharing of contract payments

(Pub. L. 104–127, title I, § 114, Apr. 4, 1996, 110 Stat. 901.)

cite as: 7 USC 7214