-3-
The relevant facts are taken from our opinion in Galedrige
I, the parties' submissions, and the existing record. At the
time the petition in this case was filed, petitioner's principal
place of business was in Alviso, California. For convenience, we
present a general background section and combine our findings of
fact with our opinion under each separate issue heading.
Background
Petitioner is a corporation engaged in the business of
asphalt paving and related services. In performing its
contracts, petitioner took delivery of the materials directly
from the asphalt supplier. Petitioner's driver picked up the
asphalt and took it directly to the job site. The asphalt had to
be laid within 2 to 5 hours from the time it was picked up from
the plant, or it would become rock hard and have to be thrown
away. Petitioner had no way to extend the time that asphalt is
in an emulsified condition. Once the asphalt hardened, it could
not be melted and reused, nor could it be returned for credit to
the asphalt supplier.
Petitioner generally worked on only one job at a time,
lasting a week or less. When the job was finished, petitioner
billed the customer and created an accounts receivable on its
books. The asphalt company sent petitioner an invoice, usually
due within 30 days, which petitioner paid only after it received
payment from its customer. Petitioner keeps its books and
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