Maine § 10 §1289 Repurchase terms

Maine Statutes

§ 10 §1289 — Repurchase terms

Maine·Title 10 COMMERCE AND TRADE·Part 3 REGULATION OF TRADE·Ch. 208-B FARM MACHINERY, FORESTRY EQUIPMENT, CONSTRUCTION EQUIPMENT AND INDUSTRIAL EQUIPMENT DEALERSHIPS

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.

2.Payment terms. The supplier shall pay the dealer:

3.Return costs. The party that initiates the termination of the dealer agreement shall pay the cost of the return, handling, packing and loading

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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.
2.
Payment terms.
The supplier shall pay the dealer:
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.
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.

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