What are the prompt payment requirements established by PACA?
The PACA statute requires all produce buyers to make full payment promptly. The PACA regulations set forth various prompt payment requirements depending on whether the transaction is a sale, consignment or agency relationship. The most common payment requirements are: 10 days from date of acceptance of the goods for purchases; 20 days after acceptance for open sales or price after sale; consignments are due 10 days after final sale or 20 days after acceptance, whichever comes first.
