Washington Firm Posts $500,000 Bond To Obtain PACA License
WASHINGTON, April 23, 2008 – Brown & Cole Stores Inc ., operating in Bellingham, Wash ., has posted a $500,000 surety bond with the U.S. Department of Agriculture. The company posted the bond to obtain a license to operate in the produce industry.
Under the regulations of the Perishable Agricultural Commodities Act (PACA), the company was required to post a bond following the company’s involvement in bankruptcy.
USDA will hold the bond for three years, providing assurance to the industry that the company will be able to pay for produce purchased and to conduct business according to PACA rules.
PACA requires that all interstate traders in fresh and frozen fruits and vegetables be USDA licensed. The PACA establishes a code of good business conduct for the produce industry. USDA is authorized to suspend or revoke a trader's license for violating the act.
Nadine Wilkins (202) 720-8998
Billy Cox (202) 720-8998
Published on: 2008-04-24
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