§ 6-46-5 - Repurchase terms.
SECTION 6-46-5
§ 6-46-5 Repurchase terms. – (a) Within ninety (90) days from the receipt of the written request of thedealer, a supplier under the duty to repurchase inventory pursuant to thischapter may examine any books or records of the dealer to verify theeligibility of any item for repurchase. Except as otherwise provided in thischapter, the supplier shall repurchase from the dealer all inventory, requiredsignage, special tools, books, supplies, data processing equipment, andsoftware previously purchased from the supplier or other qualified vendor inthe possession of the dealer on the date of termination of the dealer agreement.
(b) The supplier shall pay the dealer:
(1) One hundred percent (100%) of the net cost of all new andundamaged and complete farm and utility tractors, forestry equipment, lightindustrial equipment, farm implements, farm machinery, or yard and gardenequipment purchased within the past thirty six (36) months from the supplier,less a reasonable allowance for deterioration attributable to weatherconditions at the dealer's location;
(2) Ninety percent (90%) of the current net prices of all newand undamaged repair parts;
(3) Eighty-five percent (85%) of the current net price of allnew and undamaged superseded repair parts;
(4) Eighty-five percent (85%) of the latest availablepublished net price of all new and undamaged non-current repair parts;
(5) Either the fair market value, or assume the leaseresponsibilities of any specific data processing hardware that the supplierrequired the equipment dealer to acquire or purchase to satisfy the reasonablerequirements of the dealer agreement, including computer systems equipmentrequired and approved by the supplier to communicate with the supplier;
(6) Repurchase at seventy-five percent (75%) of the net costspecialized repair tools, signage, books, and supplies previously purchasedpursuant to requirements of the supplier and held by the equipment dealer onthe date of termination. Specialized repair tools must be unique to thesupplier product line and must be complete and in usable condition; and
(7) Repurchase, at average as-is value shown in currentindustry guides, dealer-owned rental fleet financed by the supplier or itsfinance subsidiary.
(c) The party that initiates the termination of the dealeragreement shall pay the cost of the return, handling, packing, and loading ofthis inventory.
(d) Payment to the dealer required under this section shallbe made by the supplier not later than forty-five (45) days after receipt ofthe inventory by the supplier. A penalty shall be assessed in the amount of twopercent (2%) per day of any outstanding balance over the required forty-five(45) days. The supplier shall be entitled to apply any payment required underthis section to be made to the dealer, as a set-off against any amount owed bythe dealer to the supplier.