Who are the parties involved in the General Release Agreement for Afuri Ramen Dumpling?
Afuri_Ramen_Dumpling Franchise · 2024 FDDAnswer from 2024 FDD Document
| This General Release Agreement ("Agreement") is made this day of, 20 It is among Afuri |
|---|
| Franchise Inc. |
| ("Franchisor"), and (jointly and severally "Franchisee") |
| and and (jointly and severally "Transferee"). |
Source: Item 23 — Receipts (FDD pages 50–189)
What This Means (2024 FDD)
According to the 2024 Afuri Ramen Dumpling Franchise Disclosure Document, the parties involved in the General Release Agreement are the Franchisor, the Franchisee, and the Transferee. The Franchisor is Afuri Franchise Inc. The Franchisee is the party who originally entered into the Afuri Franchise Agreement with the Franchisor. The Transferee is also a party to the agreement.
The General Release Agreement is used when the Franchise Agreement is terminated, such as in the event of a transfer or renewal of the franchise. The agreement includes recitals that reference the original Franchise Agreement between Afuri Ramen Dumpling and the Franchisee, including the date they entered into the agreement and the location of the Afuri Ramen Dumpling franchise.
The agreement outlines the covenants and conditions under which the parties agree to release each other from certain obligations. This includes circumstances related to the renewal of the franchise agreement, where the franchisee may be required to execute current franchise agreement forms, refurbish the premises, and complete retraining programs. It also addresses franchise transfers, where the existing agreement between the Franchisor and Franchisee is terminated.