South Carolina Code 39-59-30. Repurchase of inventory within ninety days; handling costs
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 39-59-30
- Contract: A legal written agreement that becomes binding when signed.
- Current Net Price: means the price listed in the wholesaler's, manufacturer's, or distributor's current price list or catalog in effect at the time the contract is cancelled or discontinued, less any applicable trade and cash discounts. See South Carolina Code 39-59-10
- Inventory: means farm implements, machinery, utility and industrial, and yard and garden equipment, attachments, or repair parts. See South Carolina Code 39-59-10
- Net Cost: means the price the retailer paid for the merchandise to the wholesaler, manufacturer, or distributor, less all applicable discounts allowed, plus the freight costs from the wholesaler, manufacturer, or distributor location to the retailer's location plus reasonable cost to assemble or disassemble. 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
The wholesaler, manufacturer, or distributor shall repurchase the inventory previously purchased from him and held by the retailer within ninety days of the date of termination of the contract by either party. The wholesaler, manufacturer, or distributor shall pay one hundred percent of the net cost of all new, unsold, undamaged, and complete farm implements, machinery, utility, and industrial equipment, and attachments, ninety percent of the current net price of all new, unused, undamaged repair parts, and eighty-five percent of the new price of superseded parts. The wholesaler, manufacturer, or distributor shall pay the retailer five percent of the current net price on all new, unused, and undamaged repair parts returned to cover the cost of handling, packing, and loading. The wholesaler, manufacturer, or distributor may perform the handling, packing, and loading in lieu of paying the five percent for the services.