Maine Revised Statutes Title 10 Sec. 1289 – Repurchase terms
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1. Examination of records. Within 90 days from receipt of the written request of the dealer, a supplier under the duty to repurchase inventory pursuant to section 1288 may examine any books or records of the dealer to verify the eligibility of any item for repurchase. Except as otherwise provided in this chapter, the supplier shall repurchase from the dealer all inventory, required signs, specialized repair tools, books, supplies, data processing equipment and software previously purchased from the supplier and in the possession of the dealer on the date of termination of the dealer agreement.
[PL 2011, c. 236, §8 (AMD); PL 2011, c. 236, §18 (AFF).]
Terms Used In Maine Revised Statutes Title 10 Sec. 1289
- Dealer: means a person, corporation or partnership primarily engaged in the business of retail sales of farm and utility tractors, forestry equipment, industrial equipment, construction equipment, farm implements, farm machinery, yard and garden equipment, attachments, accessories and repair parts. See Maine Revised Statutes Title 10 Sec. 1285
- Dealer agreement: means a written or oral contract or agreement between a dealer and a wholesaler, manufacturer or distributor by which the dealer is granted the right to sell or distribute goods or services or to use a trade name, trademark, service mark, logotype or advertising or other commercial symbol. See Maine Revised Statutes Title 10 Sec. 1285
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Inventory: means farm, forestry, utility or industrial equipment, construction equipment, implements, machinery, yard and garden equipment, attachments or repair parts. See Maine Revised Statutes Title 10 Sec. 1285
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Net cost: means the price the dealer paid the supplier for the inventory, less all applicable discounts allowed, plus the amount the dealer paid for freight costs from the supplier's location to the dealer's location, plus reasonable cost of assembly or disassembly performed by the dealer. See Maine Revised Statutes Title 10 Sec. 1285
- Supplier: means a wholesaler, manufacturer or distributor of inventory as defined in this chapter who enters into a dealer agreement with a dealer. See Maine Revised Statutes Title 10 Sec. 1285
2. Payment terms. The supplier shall pay the dealer:
A. One hundred percent of the net cost of all new and undamaged and complete farm, utility, forestry, industrial and construction equipment, implements, machinery, yard and garden equipment and attachments purchased within the past 36 months from the supplier, less a reasonable allowance for deterioration attributable to weather conditions at the dealer’s location; [PL 2011, c. 236, §8 (AMD); PL 2011, c. 236, §18 (AFF).]
B. Ninety percent of the current net prices of all new and undamaged repair parts; [PL 2011, c. 236, §8 (AMD); PL 2011, c. 236, §18 (AFF).]
C. Eighty-five percent of the current net prices of all new and undamaged superseded repair parts; [PL 2011, c. 236, §8 (AMD); PL 2011, c. 236, §18 (AFF).]
D. Eighty-five percent of the latest available published net price of all new and undamaged noncurrent repair parts; [PL 2011, c. 236, §8 (NEW); PL 2011, c. 236, §18 (AFF).]
E. The fair market value of, or assume the lease responsibilities for, any specific data processing equipment and software that the supplier required the dealer to purchase to satisfy the reasonable requirements of the dealer agreement, including computer systems equipment required or approved by the supplier to communicate with the supplier; [PL 2011, c. 236, §8 (NEW); PL 2011, c. 236, §18 (AFF).]
F. Seventy-five percent of the net cost of specialized repair tools, signs, books and supplies previously purchased, pursuant to requirements of the supplier and held by the dealer on the date of termination. Only specialized repair tools that are unique to the supplier product line, complete and in usable condition are required to be repurchased under this paragraph; and [PL 2011, c. 236, §8 (NEW); PL 2011, c. 236, §18 (AFF).]
G. Average as-is value shown in current industry guides for a dealer-owned rental fleet financed by the supplier or its finance subsidiary. [PL 2011, c. 236, §8 (NEW); PL 2011, c. 236, §18 (AFF).]
[PL 2011, c. 236, §8 (AMD); PL 2011, c. 236, §18 (AFF).]
3. Return costs. The party that initiates the termination of the dealer agreement shall pay the cost of the return, handling, packing and loading of the inventory.
[PL 1995, c. 462, Pt. A, §22 (NEW); PL 1995, c. 462, Pt. A, §23 (AFF).]
4. Payment date. Payment to the dealer required under this section must be made by the supplier not later than 45 days after receipt of the inventory by the supplier. The supplier shall pay to the dealer a penalty of 1 1/2% per day on any outstanding balance over the 45 days. The supplier is entitled to apply any payment required under this section to be made to the dealer as a setoff against any amount owed by the dealer to the supplier.
[PL 2011, c. 236, §8 (AMD); PL 2011, c. 236, §18 (AFF).]
SECTION HISTORY
PL 1995, c. 462, §A22 (NEW). PL 1995, c. 462, §A23 (AFF). PL 2011, c. 236, §8 (AMD). PL 2011, c. 236, §18 (AFF).