USDA's Farm Service Agency recently issued new notices to county offices detailing cotton transfer procedures and more fully describing anticipated charges upon forfeiture. Dale Thompson, Manager of Marketing and Processing Technology for the National Cotton Council, says producers who sign a form 605 to allow their cotton to be transferred between warehouses, also need to negotiate a separate contract with that merchant which contains a hold harmless clause.
According to Thompson the National Cotton Council has created a document with language that producers and merchants may wish to consider using.
Thompson says the Farm Service Agency is also considering minor changes to Form 605 in order to conform that agreement to regulations and FSA policy.
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