We always remember the first one.
 

Bill
 
With Alembics, you will remember each and  every one.

Sweeeeeet!

What a beautiful instrument!!

Hi, I think I found this bass. A guy in my area is looking to sell it to me and I think it's quite nice, however it has some checking / clear coat cracking in the back. Did yours have that? Just wondering if you know what caused that.

Hmm that's unusual for checking to appear on a bass that recent.

The only instances I have observed when something like that has occurred were a result of extremely fast, EXTREME temperature changes.  I actually had it occur to me with a Fender Jazz I payed back in the 1970s. We were gigging in Vermont and the 4 hour drive to the northern reaches of the state took place during a -5 degree cold snap (remember this was a time when it actually got cold in New England during the winter).  The bass was transported in the back of an unheated truck for that entire time and was then opened in a 72 degree + bar at which were were playing.  Taking the bass out of its case I noticed nothing different about it.  Picked it up again after the first set and there was cracking all over the front & back.
 
Then again it seems as if you're located in Southern California so -5 F is probably not something to which the bass in question has been exposed.

If it's on the back of the body, it might actually be scratches.  
 
If it's on the pack of the peghead, it can be stress fractures from a blow.

Hammer, it is cold in New England now.  Big snow storm on the way this weekend.

So it's safe to say this is not common with basses that have this kind of clear coating on them, correct? It would have to be due to some kind of trauma or subjecting the bass to extreme weather changes, etc. The guy says it's common. I find it as a deterrent. He's asking $5500, anyone have an opinion on that? Does it need to go back to Alembic to have this addressed? Can it even be corrected without a major overhaul of sorts?

This type of problem is not common at all in an Alembic bass of that age. If you were talking about a 30-40 year old bass that would be a different story, but in a bass so recent very unusal.  
It certainly can be corrected if you send it back to Alembib, but whether it's needed is up to you as well as whether you are willing to pay the cost .. Some people like the aged, vintage look of that kind of finish. On the other hand this is not a vintage bass and significant finish checking should lower the price quite a bit.

It's hard to determine what corrective measures to take without seeing the problem.  
 
Actual finish checking is corrected by sanding off the old finish and refinishing. It's major and expensive, but it will look as new.  
 
Checking is common on the 1975-1979 basses. We use a different finish now. I suggest you get some photos of the issue and email them to me or post them here.