WESLOCK MINIMUM ALLOWED ADVERTISED PRICE POLICY (EFFECTIVE MARCH 15, 2016)
In an effort to maintain the integrity of our brand name, increase customer margins and support our customer base, Weslock is making a change to our Minimum Allowed Advertised Price Policy. Effective
March 15, 2016, the advertised price for Weslock products must promote a price not less than:
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70% of the Retail List Price (or .70 times the current list price) as published in the current Weslock price list for the Molten Bronze collection, only.
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55% of the Retail List Price (or .55 times the current list price) as published in the current Weslock price list for all other door hardware collections.
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85% of the Retail List Price (or .85 times the current list price) as published in the current Weslock price list for Bath and Cabinet hardware collections.
Any information relating to Weslock product in any media including, but not limited to, printed advertisements, promotional mailers, catalogues, faxes, radio, and electronic media including web sites, is considered to be advertising for the purposes of this policy. Electronic mail and U.S. Mail in response to a specific consumer inquiry or program is not considered to be advertising. By entering into this agreement the retailer is authorized to acquire products and sell at any price they wish,
but agrees not to advertise any Weslock product at less than stated in the Minimum Allowed Advertised Price Policy.
Additional discounts extended to members of buyer’s clubs, for example, are permissible as long as they are only offered at check out.
If a retail customer desires to advertise product below the minimum allowed advertised price, they can submit to cmorton@weslock.com, for Weslock’s approval, a waiver of the MAAP policy, three (3) times per quarter, for a maximum of five (5) consecutive days at a time. The waiver must be submitted thirty (30) days prior to start of the quarter and will be approved with seven (7) days of the submitted claim. Authorization to sell Weslock products may be revoked for noncompliance with this policy and will be handled in the following manner:
First Violation – Weslock will inform retailer in writing of violation and give retailer 30 days to correct the policy violation.
Second Violation – Weslock will remove retailer from all links and listings on Weslock’s website and any other promotional material, and not mention retailer as a viable resource for Weslock products.
Third Violation – Weslock shall cease any and all business with retailer. Any previous authorizations and agreements, verbal or written, to resell Weslock products will be considered null and void after appropriate notice is given. This policy will be strictly enforced in order to create a healthy, competitive & fair environment for all parties involved. Your continued and growing business partnership is extremely valuable to us. We trust our partnership with you would cause you to take all necessary steps to be compliant with this policy. Please direct all questions to 918-294-8179 ext. 105.
