Virginia Code 59.1-352.10: Failure to repurchase; civil remedy
A. If a supplier fails or refuses to repurchase any inventory covered under the provisions of this chapter within the time periods established in § 59.1-352.5, the supplier shall be civilly liable for one hundred percent of the current net price of the inventory, any freight charges paid by the dealer, the dealer’s reasonable attorney’s fee and court costs, and interest on the current net price of the inventory computed at the legal rate of interest from the ninety-first day after termination of the agreement.
Terms Used In Virginia Code 59.1-352.10
- Agreement: means a written or oral contract or agreement between a dealer and a wholesaler, manufacturer, or distributor by which the dealer is granted one or more of the following rights:
1. See Virginia Code 59.1-352.1
- Contract: A legal written agreement that becomes binding when signed.
- Current net price: means the price listed in the supplier's price list or catalog in effect at the time the agreement is terminated, less any applicable discounts allowed. See Virginia Code 59.1-352.1
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Dealer: means a person engaged in the business of selling at retail farm, construction, utility or industrial equipment, implements, machinery, attachments, outdoor power equipment, or repair parts. See Virginia Code 59.1-352.1
- Inventory: means farm implements and machinery, construction, utility and industrial equipment, consumer products, outdoor power equipment, attachments, or repair parts. See Virginia Code 59.1-352.1
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
- Supplier: means a wholesaler, manufacturer, distributor, or any purchaser of assets or stock of any surviving corporation resulting from a merger or liquidation, any receiver or assignee, or any trustee of the original manufacturer, wholesaler, or distributor who enters into an agreement with a dealer. See Virginia Code 59.1-352.1
B. Notwithstanding any agreement to the contrary, and in addition to any other legal remedies available, any person who suffers monetary loss due to a violation of this chapter or because he refuses to accede to a proposal for an arrangement that, if consummated, is in violation of this chapter, may bring a civil action to enjoin further violations and to recover damages sustained by him together with the costs of the suit, including a reasonable attorney’s fee.
C. The provisions of §§ 59.1-352.3 through 59.1-352.8 shall not be waivable in any contract or agreement, and any such attempted waiver shall be null and void.
D. A civil action commenced under the provisions of this chapter shall be brought within four years after the violation complained of is or reasonably should have been discovered, whichever occurs first.
2002, c. 898.