Delaware Code Title 6 Sec. 2720 – Definitions
As used in this subchapter, unless the context requires otherwise:
(1) “Construction,” “farm,” “industrial” and “outdoor power,” when used to refer to tractors, implements, attachments or repair parts, have the meanings commonly used and understood among dealers and suppliers of those trades.
(2) “Contract agreement” means a written or oral contract or agreement between a dealer and a supplier by which the dealer is granted the right to sell their equipment and the dealer is required to order and maintain an inventory in excess of $25,000 at current net price from the supplier.
(3) “Current net price” means the price listed in the supplier’s price list in effect at the time the contract agreement is terminated, less any applicable discount allowed.
(4) “Dealer” means a person, firm or corporation engaged in the business of selling, at retail, construction, farm, industrial or outdoor power equipment and who maintains a total inventory of new equipment and repair parts valued at $50,000 or over and provides repair service for the above-mentioned equipment.
(5) “Inventory” means the tractors, implements, attachments, equipment and repair parts that the dealer purchased from the supplier.
(6) “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 performed by the dealer.
(7) “Supplier” means a wholesaler, manufacturer or distributor who enters into a contract agreement with a dealer.
(8) “Termination” of a contract agreement means the termination, cancellation, nonrenewal or noncontinuation of the agreement.
Terms Used In Delaware Code Title 6 Sec. 2720
- Contract: A legal written agreement that becomes binding when signed.
- Contract agreement: means a written or oral contract or agreement between a dealer and a supplier by which the dealer is granted the right to sell their equipment and the dealer is required to order and maintain an inventory in excess of $25,000 at current net price from the supplier. See Delaware Code Title 6 Sec. 2720
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Current net price: means the price listed in the supplier's price list in effect at the time the contract agreement is terminated, less any applicable discount allowed. See Delaware Code Title 6 Sec. 2720
- Dealer: means a person, firm or corporation engaged in the business of selling, at retail, construction, farm, industrial or outdoor power equipment and who maintains a total inventory of new equipment and repair parts valued at $50,000 or over and provides repair service for the above-mentioned equipment. See Delaware Code Title 6 Sec. 2720
- Inventory: means the tractors, implements, attachments, equipment and repair parts that the dealer purchased from the supplier. See Delaware Code Title 6 Sec. 2720
- outdoor power: when used to refer to tractors, implements, attachments or repair parts, have the meanings commonly used and understood among dealers and suppliers of those trades. See Delaware Code Title 6 Sec. 2720
- Person: means a natural person, partnership (whether general or limited), limited liability company, trust (including a common law trust, business trust, statutory trust, voting trust or any other form of trust), estate, association (including any group, organization, co-tenancy, plan, board, council or committee), corporation, government (including a country, state, county or any other governmental subdivision, agency or instrumentality), custodian, nominee or any other individual or entity (or series thereof) in its own or any representative capacity, in each case, whether domestic or foreign. See Delaware Code Title 6 Sec. 17-101
- Supplier: means a wholesaler, manufacturer or distributor who enters into a contract agreement with a dealer. See Delaware Code Title 6 Sec. 2720