Bill 568.

Summary.

The bill proposes to regulate transactions between agricultural producers and buyers within Merca Panamá so that payment for delivered goods is timely, transparent, and verifiable. It would cover individuals and legal entities that buy, sell, broker, or distribute agricultural products on its premises or through transactions recorded in its system. It defines producer, buyer, supply contract, and the Commercial Registration Platform (Plataforma de Registro Comercial, PRC), which Merca Panamá would administer as the mandatory transaction registry.

Each delivery would have to be recorded in the PRC before the product leaves the unloading area. The record would state the producer's and buyer's identities, the type and quantity of goods, the agreed price, and the date and method of payment. Every transaction would require a simplified supply contract or purchase order with three copies, in physical or digital form, validated by Merca Panamá. The absence of that document would not release the buyer from the duty to pay. Merca Panamá would implement a system to verify delivery, receipt, and destination of the goods.

The buyer would have to pay within 15 calendar days after delivery, unless a written agreement extends the period to no more than 30 days. To cover unpaid obligations, the buyer would maintain a bond, performance insurance policy, or guarantee deposit with Merca Panamá. Late payment would accrue interest at the average active bank lending rate plus 2 percentage points. Payments would be made by bank transfer, ACH, or electronic means recorded in the PRC, or as the parties agree.

The bill creates the Commercial Supervision Unit of Merca Panamá (Unidad de Supervisión Comercial de Merca Panamá) to verify records, audit transactions, handle complaints, and impose administrative sanctions. Merca Panamá would publish, every quarter, a list of buyers who have been sanctioned or have outstanding payments. A buyer who breaches its obligations could face a fine of B/. 500 to B/. 10,000, temporary suspension of its operating permit, and permanent cancellation for repeat violations. If the breach constitutes fraud, swindling, or misappropriation, Merca Panamá would refer the case file to the Public Prosecutor's Office (Ministerio Público).

Before going to court, the parties would have to undergo mediation administered by Merca Panamá. Disputes involving less than B/. 10,000 would follow an expedited procedure with a decision within 30 days. The Executive Branch (Órgano Ejecutivo) would issue implementing regulations within 3 months of promulgation. The bill provides for its entry into force upon promulgation and the repeal of provisions contrary to it. Its subject matter concerns the Executive Branch, the Public Prosecutor's Office, and the Commercial Supervision Unit of Merca Panamá, as well as agricultural producers, buyers, intermediaries, distributors, and providers of guarantees and payment services.