Arkansas § 4-72-301 - Definitions.

§ 4-72-301. Definitions.

As used in this subchapter, unless the context otherwise requires: “Current model” means a model listed in the wholesaler's, manufacturer's, or distributor's current sales manual or any supplements thereto; “Current net price” means the price listed in the wholesaler's, manufacturer's, or distributor's price list or catalogue in effect at the time the contract is canceled or discontinued, less any applicable trade and cash discounts; “Retailer” means any person, firm, or corporation engaged in the business of selling and retailing farm implements, machinery, utility and industrial equipment, lawn and garden outdoor powered machinery and equipment, attachments, or repair parts but shall not include retailers of petroleum and motor vehicle and related automobile care and replacement products normally sold by those retailers; “Inventory” means farm implements, machinery, utility and industrial equipment, lawn and garden outdoor powered machinery and equipment, attachments, and repair parts; “Net cost” means the price the retailer paid for the merchandise to the wholesaler, manufacturer, or distributor, less all applicable discounts allowed; “Manufacturer, wholesaler, or distributor” means a person, partnership, corporation, association, or other form of business enterprise engaged in the manufacturing, assembly, or wholesale distribution of farm implements, machinery, utility and industrial equipment, lawn and garden outdoor powered machinery and equipment, and attachments. The term also includes any successor in interest of the farm implements, machinery, utility and industrial equipment, lawn and garden outdoor powered machinery and equipment, and attachments manufacturer, including any purchaser of assets or stock, any surviving corporation resulting from merger or liquidation, any receiver or assignee, or any trustee of the original farm implements, machinery, utility and industrial equipment and attachments manufacturer; and “Dealership agreement” means an oral or written agreement of definite or indefinite duration between a farm implements, machinery, utility and industrial equipment and attachments manufacturer, and a dealer which provides for the rights and obligations of the parties with respect to the purchase or sale of that equipment.