§ 12-9-115 — Reasonable compensation

Wyoming § 12-9-115

• Jurisdiction: Wyoming
• Title 12: Alcoholic Beverages
• Ch. 9: MALT BEVERAGES
• Art. 1: RELATIONS BETWEEN MALT BEVERAGE

Text

(a) In the event that a distributor is terminated by a
manufacturer in bad faith or for other than good cause, the
distributor shall be entitled to additional compensation from
the manufacturer for:
(i) The fair market value of any and all assets,
including ancillary business assets of the distributor used in
distributing the manufacturer's products;
(ii) The good will of the business.
(b) The total compensation to be paid by the manufacturer
to the distributor shall be reduced by any sum received by the
distributor from sale of assets of the business used in
distribution of the manufacturer's products as well as by
whatever value such assets may have to the distributor that are
unrelated to the manufacturer's products.
(c) As used in this section, "fair market value" means the
highest dollar amount at which a seller would be willing to sell
and a buyer willing to buy when each possesses all information
relevant to the transaction.
(d) In the event the manufacturer and the malt beverage
distributor are unable to mutually agree on the reasonable
compensation to be paid for the value of the distributor's
business, as defined herein, the matter may by agreement of the
parties be submitted to arbitration. If so submitted, the
following shall apply:
(i) Arbitration shall proceed only if all parties
agree in advance and submit the dispute to arbitration, and the
decision of the arbitrators shall be final and binding if so
agreed upon by the parties in advance of the arbitrator's
proceedings;
(ii) The dispute shall be submitted to a panel of
three (3) arbitrators, one (1) of which shall be selected by the
supplier within thirty (30) days after the parties have agreed
to arbitrate, one (1) of which shall be selected by the
wholesaler within thirty (30) days after the parties have agreed
to arbitrate, and one (1) of which shall be selected from a list
of five (5) candidates supplied by the American Arbitration
Association at the request of the parties within ten (10) days
after the parties have agreed to submit the dispute to
arbitration;
(iii) Within ten (10) days after receipt of the list
supplied pursuant to paragraph (ii) of this subsection, the
wholesaler and the supplier each may disqualify up to two (2)
candidates from the list. The American Arbitration Association
shall select the third arbitrator from the candidates not
disqualified by the parties;
(iv) The arbitration shall proceed in accordance with
the rules of the American Arbitration Association within thirty
(30) days after the selection of the arbitration panel has been
completed;
(v) The cost of the arbitration shall be borne
equally by the parties. The award of a majority of the
arbitrators shall be final and binding on the parties if so
agreed upon in advance by the parties. The arbitrators shall
not be permitted to award punitive damages and are bound to
apply the terms and provisions of the agreement not in conflict
with this act.