What is the deadline for an Aerus franchisee to submit the monthly profit and loss statement to the company?
Aerus Franchise · 2025 FDDAnswer from 2025 FDD Document
Franchisee shall pay to Company all fees, payments and deposits set forth in Schedule 3 attached hereto and required elsewhere in this Agreement (the remittance of each, a "Payment") in the amounts, at the time, and in the manner described in this Agreement or the Policies and Procedures or elsewhere in the Manuals. Each Payment to be made to Company must be made free and clear at the time, and in the manner, specified in this Agreement, without deduction or offset. TIME IS OF THE ESSENCE with respect to all Payments to be made. All unpaid obligations under this Agreement will bear interest from the date due until the date of receipt by Company, at one and one-half percent (1.5%) per month, or the maximum rate allowed by applicable law, whichever is less.
Source: Item 23 — Receipts (FDD pages 74–305)
What This Means (2025 FDD)
I am unable to provide the deadline for submitting monthly profit and loss statements for Aerus franchisees, according to the 2025 Franchise Disclosure Document. While the document discusses various fees, payments, and financial obligations of the franchisee, it does not specify the exact deadline for submitting these statements. The FDD does mention that the franchisee is required to pay all fees, payments, and deposits as outlined in Schedule 3 of the agreement and elsewhere in the agreement or the Policies and Procedures or in the Manuals. It also states that time is of the essence with respect to all payments to be made.
A prospective Aerus franchisee should carefully review Schedule 3 and the relevant sections of the Franchise Agreement, Policies and Procedures, and Manuals to determine the specific deadline for submitting monthly profit and loss statements. Understanding these deadlines is crucial for maintaining compliance with the franchise agreement and avoiding potential penalties or breaches of contract.
To gain clarity on this matter, a potential franchisee should directly ask the franchisor for explicit details regarding the deadline for submitting monthly profit and loss statements. Requesting a written confirmation of this deadline can also be beneficial for future reference and to ensure both parties are aligned on the requirements.