Vermont Statutes Title 7 Sec. 704
Terms Used In Vermont Statutes Title 7 Sec. 704
- agreement: means one or more of the following:
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Certificate of approval: means an authorization by the Board of Liquor and Lottery pursuant to section 274 of this title to a manufacturer or distributor of malt beverages, vinous beverages, or ready-to-drink spirits beverages not licensed under the provisions of this title, to sell those beverages to holders of a packager's or wholesale dealer's license issued by the Board pursuant to section 272 or 273 of this title. See
- Franchisee: means any malt beverages, vinous beverages, or ready-to-drink spirits beverages wholesale dealer to whom a franchise or agreement as defined in this section is granted or offered, or any malt beverages, vinous beverages, or ready-to-drink spirits beverages certificate of approval holder or manufacturer who is a party to a franchise or agreement as defined in this section. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 704. 120 days’ notice for cancellation; rectification
(a)(1) Except as provided in subsection (c) of this section, a certificate of approval holder or manufacturer shall provide a franchisee or agreement holder at least 120 days’ written notice of any intent to terminate or cancel any franchise or agreement.
(2) The notice shall state the causes and reasons for the intended termination or cancellation. The franchisee shall have 120 days in which to rectify any claimed deficiency.
(b) The Superior Court, upon petition and after due notice to both parties and the opportunity to be heard, shall decide whether good cause exists to allow termination or cancellation of the franchise or agreement.
(c) The notice provisions of subsection (a) of this section may be waived if the reason for termination, cancellation, or nonrenewal is insolvency, the occurrence of an assignment for the benefit of creditors, bankruptcy, or if the certificate of approval holder or manufacturer is able to prove to the court that providing the required notice would do irreparable harm to the marketing of its product. (Added 1975, No. 199 (Adj. Sess.); amended 1983, No. 197 (Adj. Sess.), § 4; 2017, No. 83, § 124.)