What is the late submission fee charged by 360 Painting for reports not received by the deadline?
360_Painting Franchise · 2025 FDDAnswer from 2025 FDD Document
.gov/archive/ll/highlights.htm), U.S. Executive Order 13224 (currently located at https://www.treasury.gov/resourcecenter/sanctions/Documents/13224.pdf) or any similar laws; and (iii) Franchisee and each Owner shall immediately notify Franchisor in writing of the occurrence of any event or the development of any circumstance that might render any of the foregoing representations and warranties false, inaccurate or misleading.
[Completed and executed on the following page]
IN WITNESS WHEREOF, each of the undersigned has executed this Franchise Agreement under seal as of the Effective Date.
| FRANCHISOR: 360 PAINTING, LLC | FRANCHISEE: | |||
|---|---|---|---|---|
| [Name of Entity or Individual] | ||||
| By: | By: | |||
| Name: Paul Flick Title: CEO | Name: Title: | |||
| Date of Acceptance: |
**TO FRANCHISE AGREEM
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 56)
What This Means (2025 FDD)
Based on the 2025 Franchise Disclosure Document, the specific late submission fee charged by 360 Painting for reports not received by the deadline is not explicitly detailed in the provided excerpts. The excerpts cover various aspects of the franchise agreement, including financial statements, obligations, and fees such as the initial franchise fee of $65,000 and the initial technology fee of $5,000. However, there is no mention of a specific fee for late report submissions.
As a prospective franchisee, it's important to understand all potential fees and penalties associated with the franchise. While the FDD excerpts provide information on initial fees and other obligations, the absence of a stated late submission fee means further clarification is needed. This information is crucial for accurate financial planning and understanding the full scope of the franchisee's financial responsibilities.
To gain a comprehensive understanding, a prospective 360 Painting franchisee should directly inquire with the franchisor about the existence and amount of any late submission fees for required reports. Understanding the specific policies and amounts related to late fees will help in avoiding unexpected costs and maintaining compliance with the franchise agreement. It would also be prudent to ask about the process for submitting reports, the deadlines, and any grace periods that may apply.