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NAEDA legal counsel, Lance Formwalt and Dave Shay, have been in contact with Manitou legal counsel to discuss the terms of the new Manitou dealer agreement, security agreement and form of personal guarantee. These discussions have concluded and we are pleased to inform you that Manitou has agreed to make some changes to these agreements. On balance, we believe that the revised terms of the dealer agreement and security agreement reflect fair and reasonable terms based on our review of other dealer agreements and the forms of dealer agreement under which Manitou, Gehl and Mustang dealers are currently operating. In addition, we want to complement Manitou for being willing to listen to, and in many cases address, our concerns throughout this process. In our opinion, this process represents a win-win for our members and Manitou – Manitou will be able to move toward a uniform dealer agreement for all of its brands and both Manitou and the dealers will be able to receive the benefit of a dealer agreement that reflects commercially reasonable terms when taken in the context of the industry as a whole. NAEDA looks forward to continuing an open and productive dialogue with Manitou about industry issues in the future.
For the last two years about this time, I provided the basic tax depreciation/expense rules that can help salespeople in making new and used equipment sales before year end. Because of some changes, it is timely to revisit these rules.