; (ii) under which the livestock are slaughtered not more than 7 days after the date on which the agreement is entered into; and (iii) under circumstances in which a reasonable competitive bidding opportunity exists on the date on which the agreement is entered into. (B) Reasonable competitive bidding opportunity For the purposes of subparagraph (A)(iii), a reasonable competitive bidding opportunity shall be considered to exist if— (i) no written or oral agreement precludes the producer from soliciting or receiving bids from other packers; and (ii) no circumstance, custom, or practice exists that— (I) establishes the existence of an implied contract (as determined in accordance with the Uniform Commercial Code); and (II) precludes the producer from soliciting or receiving bids from other packers. (b) General rule Of the quantity of livestock that is slaughtered by a covered packer during each reporting day in each plant, the covered packer shall slaughter not less than the applicable percentage specified in subsection (c) of the quantity through spot market sales from nonaffiliated producers. (c) Applicable percentages (1) In general Except as provided in paragraph (2), the applicable percentage shall be 50 percent. (2) Exceptions In the case of a covered packer that reported to the Secretary in the 2018 annual report that more than 60 percent of the livestock of the covered packer were committed procurement livestock, the applicable percentage shall be the greater of— (A) the difference between the percentage of committed procurement so reported and 100 percent; and (B) (i) during calendar year 2021, 20 percent; (ii) during each of calendar years 2022 and 2023, 30 percent