Buy back

The buyer is obligated to pay only for the difference between the market price and the full bid price (your bid).  The Sale Committee will buy back the animal at market price.  The buyer pays only the difference to Sale Committee; NO other arrangements are necesarry.  The example provided below is for illustration and estimation purposes only:

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FORMULA:

Buyer's Bid Price (Full Price)

(-) Buyback Amount (Market Price x Weight)

(=) Net Cost to Buyer

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EXAMPLE:

1,300 lb Steer @ Bid Price of:                                                     $3,600

(-) Buyback Amount (Market Price x Weight: 1,300 @ $1.00)   $1,300

(=) Net Cost to Buyer                                                                  $2,300