§ 755.
141 words·~1 min read·
/vt/title-7/chapter-23/755A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 755. Cancellation for no cause; notice; compensation
Except as otherwise provided pursuant to section 753 of this subchapter, a certificate of approval holder or manufacturer that wishes to terminate or cancel a franchise for no cause shall:
(1)Provide the franchisee with written notice of the intent to cancel or terminate the franchise at least 30 days before the date on which the franchise shall terminate.
(2)On or before the date the franchise shall be canceled or terminated, pay, or have paid on its behalf by a designated wholesale dealer, compensation, as defined pursuant to section 752 of this subchapter, for the franchisee’s interest in the franchise. The compensation shall be the wholesale dealer’s sole and exclusive remedy for any termination or cancellation pursuant to this section. (Added 2017, No. 145 (Adj. Sess.), § 5, eff. Jan. 1, 2019.)