What are some acceptable payment methods for fees owed to Advanced Mobile Iv And Amiv?
Advanced_Mobile_Iv_And_Amiv Franchise · 2023 FDDAnswer from 2023 FDD Document
I (we) hereby authorize ADVANCED MOBILE IV, LLC dba AMIV (the "Company") to initiate Electronic Funds Transfer charges to my (our) bank account (indicated below) for payment of my (our) monthly Royalty, Marketing Fees and other fees owed by me (us) to the Company on or near the 5th day of each month. This Authorization will remain in full force and effect until Company receives written confirmation of termination of this Authorization via certified letter.
...
2.6 Application of Payments. We have the right, in our sole discretion, to apply any payment from you to any past due indebtedness you owe to us or our affiliates, whether from monthly fee payments, purchases, late payment charges, or for any other reason. This section will apply regardless of how you may designate a particular payment is to be applied.
For the purposes of this Agreement, and all other instruments and agreements relating to it, we will have the right to treat any payment received from you as payment on account. We may apply any monies received from you in any order that we, in our discretion, decide and notwithstanding any contrary designations by you as to the application of your payments. You agree that you may not designate an order for application of any fees and royalties different from that designated by us and expressly acknowledge and agree that we may accept fees paid pursuant to different instructions without any obligation to follow such instructions, even if such payment is made by its terms conditional on such instructions being followed. This provision may
Source: Item 23 — RECEIPTS (FDD pages 54–202)
What This Means (2023 FDD)
According to the 2023 Franchise Disclosure Document, Advanced Mobile Iv And Amiv franchisees are authorized to make payments via Electronic Funds Transfer (EFT). Franchisees authorize Advanced Mobile Iv And Amiv to initiate charges to their bank account for monthly Royalty, Marketing Fees, and other fees owed to the company. These charges typically occur on or near the 5th day of each month. The authorization remains in effect until Advanced Mobile Iv And Amiv receives written confirmation of termination via certified letter.
Advanced Mobile Iv And Amiv retains significant control over how payments are applied. Specifically, Advanced Mobile Iv And Amiv has the right to apply any payment from the franchisee to any past due indebtedness, regardless of how the franchisee might designate the payment. This includes applying payments to monthly fees, purchases, late payment charges, or any other reason the franchisee owes money to Advanced Mobile Iv And Amiv or its affiliates.
This clause emphasizes that Advanced Mobile Iv And Amiv can treat any payment as 'payment on account' and apply it in any order it deems appropriate, irrespective of any contrary instructions from the franchisee. Franchisees expressly agree that they cannot designate an order for application of any fees and royalties different from that designated by Advanced Mobile Iv And Amiv. Advanced Mobile Iv And Amiv may accept fees paid pursuant to different instructions without any obligation to follow such instructions, even if such payment is made by its terms conditional on such instructions being followed. This provision can only be waived by a separate written agreement signed by Advanced Mobile Iv And Amiv.