PLACEMENT: Consent
TITLE:
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REQUEST FOR APPROVAL OF SETTLEMENT AGREEMENT AND RELEASE BETWEEN MARTIN COUNTY AND RIDDICK BAYRUNNER BOATS, INC., DOING BUSINESS AS CAROLINA OFFSHORE, AND SIDNEY WOOD RIDDICK, JR.
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EXECUTIVE SUMMARY:
executive summary
This agenda item concerns the approval of a settlement agreement between Martin County and Riddick Bayrunner Boats, Inc., doing business as Carolina Offshore, and Sidney Wood Riddick, Jr., who owns Riddick Bayrunner Boats, Inc., in connection with County's purchase of a boat and boat trailer.
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DEPARTMENT: County Attorney
PREPARED BY: Name: David Arthur
Title: Senior Assistant County Attorney
REQUESTED BY:
PRESET:
PROCEDURES: None
BACKGROUND/RELATED STRATEGIC GOAL:
This agenda item concerns the approval of a settlement agreement between Martin County ("County") and Riddick Bayrunner Boats, Inc., doing business as Carolina Offshore ("Carolina Offshore"), and Sidney Wood Riddick, Jr., the owner of Carolina Offshore ("Riddick"), in connection with County's purchase of a boat and boat trailer. Carolina Offshore is based in North Carolina.
Specifically, after accepting Carolina Offshore's bid, County and Carolina Offshore entered into a contract through a purchase order and an invoice for Carolina Offshore to fabricate and deliver to County a 24 foot center-console boat for the price of $82,900.00 and provide a trailer for the price of $5,400.00, with the total purchase price amounting to $88,300.00. The boat and trailer were intended for County's Public Works Department.
County paid Carolina Offshore half of the total purchase price for the boat and the full price for the trailer in the amount of $46,850.00 (the "Payment"), with the other half for the boat to be paid upon delivery of both. Carolina Offshore failed to deliver the boat and the trailer.
Later, Riddick declared bankruptcy in the U.S. Bankruptcy Court for the Eastern District of North Carolina under Chapter 13, ...
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