The following words and phrases when used in this act shall have the meanings given to them in this section unless the context clearly indicates otherwise:

“Current net price.” The price, applicable to an individual dealer, listed in the printed price list or catalog or invoice in use by the supplier on the date the dealer agreement is terminated or canceled or has failed to be renewed.

“Dealer.” Any person, firm or corporation engaged primarily in the business of retail sale or repair of equipment. The term includes the heir or authorized representative of a person or majority stockholder of a corporation operating as a dealer in the event such person or stockholder dies or becomes incapacitated.

“Dealer agreement.” An oral or written contract, franchise agreement or security agreement between a dealer and supplier whereby the dealer agrees to acquire from the supplier and to maintain an inventory of equipment, repair parts or specialized repair tools.

“Equipment.” Machines designed for or adapted and used for agriculture, horticulture, floriculture, livestock raising, silviculture, landscaping and grounds maintenance, even though incidentally operated or used upon the highways, including, but not limited to, tractors, farm implements, loaders, backhoes, lawn mowers, rototillers, etc., and any business signs purchased by requirement of the supplier which are less than five years old. The term shall not include:

“Net cost.” The amount paid by the dealer to the supplier, plus the cost of freight, if any, incurred by the dealer.

“Repair parts.” All parts related to repair of equipment.

“Specialized repair tools.” Tools and equipment, including diagnostic equipment, designed to be used or useful only in the maintenance and repair of equipment.

“Supplier.” A manufacturer of equipment or repair parts or a wholesaler or distributor of equipment or repair parts who has a valid existing contract with a manufacturer of equipment or repair parts, including the successors or assigns of such manufacturer, wholesaler or distributor.