§ 6-46-5. Repurchase terms.
(a) Within ninety (90) days from the receipt of the written request of the dealer, a supplier
under the duty to repurchase inventory pursuant to this chapter 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 signage, special tools, books, supplies, data processing equipment,
and software previously purchased from the supplier or other qualified vendor in the
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 and undamaged and complete farm
and utility tractors, forestry equipment, light industrial equipment, farm implements,
farm machinery, or yard and garden equipment purchased within the past thirty six
(36) months from the supplier, less a reasonable allowance for deterioration attributable
to weather conditions at the dealer's location;
(2) Ninety percent (90%) of the current net prices of all new and undamaged repair parts;
(3) Eighty-five percent (85%) of the current net price of all new and undamaged superseded
repair parts;
(4) Eighty-five percent (85%) of the latest available published net price of all new and
undamaged non-current repair parts;
(5) Either the fair market value or assume the lease responsibilities of any specific
data processing hardware that the supplier required the equipment dealer to acquire
or purchase to satisfy the reasonable requirements of the dealer agreement, including
computer systems equipment required and approved by the supplier to communicate with
the supplier;
(6) Repurchase at seventy-five percent (75%) of the net cost specialized repair tools,
signage, books, and supplies previously purchased pursuant to requirements of the
supplier and held by the equipment dealer on the date of termination. Specialized
repair tools must be unique to the supplier product line and must be complete and
in usable condition; and
(7) Repurchase, at average, as-is value shown in current industry guides, dealer-owned
rental fleet financed by the supplier or its finance subsidiary.
(c) The party that initiates the termination of the dealer agreement shall pay the cost
of the return, handling, packing, and loading of this inventory.
(d) Payment to the dealer required under this section shall be made by the supplier not
later than forty-five (45) days after receipt of the inventory by the supplier. A
penalty shall be assessed in the amount of two percent (2%) per day of any outstanding
balance over the required forty-five (45) days. The supplier shall be entitled to
apply any payment required under this section to be made to the dealer as a set-off
against any amount owed by the dealer to the supplier.