South Carolina Code 39-59-20. Repurchase of inventory upon termination of franchise agreement
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 39-59-20
- Contract: A legal written agreement that becomes binding when signed.
- Inventory: means farm implements, machinery, utility and industrial, and yard and garden equipment, attachments, or repair parts. See South Carolina Code 39-59-10
- Retailer: means any person engaged in the business of selling and retailing farm implements, machinery, utility and industrial, and yard and garden equipment, attachments or repair parts. See South Carolina Code 39-59-10
Whenever any retailer enters into a franchise agreement, evidenced by a written contract, or oral contract with a wholesaler, manufacturer, or distributor wherein the retailer agrees to maintain an inventory and the contract is terminated, the wholesaler, manufacturer, or distributor shall repurchase the inventory as provided in this chapter. The retailer may keep the inventory if he desires. If the retailer has any outstanding debts to the wholesaler, manufacturer, or distributor, then the repurchase amount may be credited to the retailer’s account.