How the Program WorksThe Livestock Financial Protection Board can pay the seller 95 per cent of any approved claim provided that:
- The sale was to a licenced dealer;
- Proper notification procedures for non-payment were followed;
- The claim was filed within 30 days of the date of sale; and
- Credit was not extended to the buyer.
Sellers can be beef producers, licenced dealers or auction markets.
Dealers include packing plant operators, abattoir operators, auction market operators and country dealers. All dealers must be licensed by the Ontario Ministry of Agriculture, Food and Rural Affairs.
If the sale is $15,000 or less: Buyers must ensure that payment is made so it can be deposited in the seller's bank no later than 1:00 p.m. on the ninth business day following the day of sale.
If the sale is $15,001 or more: Buyers must ensure that the payment is made so that it can be deposited in the seller's bank no later than 1:00 p.m. on the sixth business day following the day of sale.
Notification of Non-Payment
The Ministry must be notified immediately if payment is late. Please contact Agricorp: 1-888-247-4999.