Terms of Trade for Live Bid
Presto LiveBid is an electronic tool to allow cattle owners an opportunity to instantly market your cattle to a trusted end user without commissions, brokerage, or trader intermediaries. Trading is about relationships, confidence and trust. You will be required to describe your cattle and their condition. Future bids will consider the performance of your cattle when building premiums or discounts into Buyer bids so an honest description is very important.
A Presto LiveBid will be delivered to your email address or cell phone by text message within 10 minutes of the submission of your offer to sell. The bid is subject to an inspection of the cattle within 24 hours by our representative. The bid price will adjust to the change in the designated feeder cattle futures contract if accepted. The trade price will be set firm following the physical inspection.
1. Seller is the owner of the cattle offered for sale. The lender, if a lien exists, is named.
2. Seller will deliver the number of cattle offered for sale during the described delivery dates.† Shortages in the count will adjust the final settlement at delivery to any losses to Buyer from loss of value for the missing cattle.
3. Seller will provide a description of the cattle including a base weight by filling out the online offering form. The base weight will slide only upward. The slide scale will be posted on the bid.
Individual cattle weighing greater than 100 pounds heavier than the average delivery net weight may be rejected from the contract.
4. Seller will set expectations for feeding performance. [Better than average, average, poorer than average] This will not only affect the bid price but also the Sellerís reliability factor.††
5. Seller is not requesting a bid for informational purposes or for another person.
6. The delivery will gather at daybreak to pens without feed or water and the weighing will be 3% on the ground or 2% on truck for pasture cattle.
7. The cattle are in good health and were purchased at least 100 days ago. No cattle have been added or removed since inspection.
8. The cattle will not be moved following a transaction of sale without Buyers permission.
SEQUENCE OF EVENTS LEADING TO A CONSUMMATED TRANSACTION
1. Seller submits an offer of a group of cattle for sale using the web page form.
2. Buyer submits a LiveBid within 10 minutes by text or email. There may be small variances in response time during the Beta period.
3. Seller Accepts the LiveBid by text or email within 10 minutes.
4. A text or email confirming the transaction transmits automatically.
5. An inspection of the cattle within 24 hours.
6. The issuance of a contract post inspection by email. Acceptance of the contract will be digitally authorized by both Buyer and Seller.
SETTLEMENT AND CLEARING
1. Payment for the cattle will be deposited in Sellerís bank account in collected funds one business day following delivery of the cattle. Confirmation of the electronic payment will be sent to Sellersís email or cell phone. The final payment will be net of any downpayment or other contractual adjustments.
2. Settlement will allow deductions for market fluctuations on any contract delivery head count shortages. The deduction will be calculated by taking the trade price on contract day and the trading price of the futures contract on delivery date and applying the difference for damage calculations.
3. Buyer and Seller agree to provide bank affiliations. Each party agrees to grant permission to contact the bank of the counterparty.
4. Any disputes will be resolved by arbitration using an arbitrator appointed by the Texas Cattle Feeders Association.