Does Advanced Mobile Iv And Amiv require signatures of all parties to be on the same counterpart of the agreement?
Advanced_Mobile_Iv_And_Amiv Franchise · 2023 FDDAnswer from 2023 FDD Document
ny jurisdiction, recognizing that while there may be new or different facts of which we are unaware at the time that this release is executed, we have nevertheless weighed the advantages and disadvantages of entering into this Release, and while we may be unaware of relevant facts, we are also aware that not every eventuality or condition can be anticipated and that we prefer the current certainty of this Release to the possibility of discovering new or different facts in the future
- 9.10 Agreement Binding on Successors and Assigns. This Agreement benefits and binds the respective heirs, executors, administrators, successors, and assigns of the parties.
- 9.11 Execution in Counterparts and Our Acceptance. This Agreement will be binding upon you at the time you sign it and deliver it to us. This Agreement will not be binding upon us until we accept it in writing by one of our principal officers at our home office. If we do not accept it within 60 days, this Agreement will no longer be binding upon you. This Agreement may be executed in any number of counterparts, each of which, when so executed and delivered, will constitute an original. Delivery of executed signature pages of this Agreement by facsimile or digital transmission will constitute effective and binding execution and delivery of this Agreement.
50 – ADVANCED MOBILE IV FRANCHISE AGREEMENT
9.12 Approval by Shareholders, Members or Partners.
Source: Item 23 — RECEIPTS (FDD pages 54–202)
What This Means (2023 FDD)
According to Advanced Mobile Iv And Amiv's 2023 Franchise Disclosure Document, the franchise agreement may be executed in counterparts. This means that the signatures of the involved parties do not have to be on the same physical document. Each executed counterpart is considered an original, forming a complete agreement when combined. Furthermore, Advanced Mobile Iv And Amiv states that delivering executed signature pages via fax or digital transmission constitutes effective and binding execution and delivery of the agreement.
This flexibility simplifies the signing process, especially when parties are geographically separated. It allows for quicker execution of the agreement since original documents do not need to be physically mailed back and forth. The use of facsimile or digital transmission for delivering signature pages further streamlines the process.
However, if the franchisee is a corporation, limited liability company, partnership, or other entity, Advanced Mobile Iv And Amiv will not be bound by the agreement until the shareholders, members, or partners read and approve the agreement. These parties must also agree to the restrictions outlined in the agreement, including those on the transfer of their interest in the franchise and limitations on their ability to compete with Advanced Mobile Iv And Amiv. They must also jointly and severally guarantee the franchisee's performance under the agreement. Advanced Mobile Iv And Amiv may request a copy of the resolution approved by these parties as confirmation of fulfillment of this requirement and authorization of the agreement's execution.
Prospective franchisees should ensure they understand the implications of executing the agreement in counterparts and the validity of digital signatures. If the franchisee is a business entity, it is crucial to comply with the additional approval and guarantee requirements to ensure the agreement is fully binding on Advanced Mobile Iv And Amiv.