Is the Aira Fitness Fitness Equipment Lease Agreement cancelable by the franchisee?
Aira_Fitness Franchise · 2025 FDDAnswer from 2025 FDD Document
If you choose to lease the fitness equipment, at the end of each three year period, you must return the old equipment to the designated or approved supplier of the fitness equipment or otherwise per the terms of the equipment lease, which designated or approved supplier may be us or our affiliate.
You must then enter into a purchase agreement or lease for replacement equipment with a designated or approved, which may be us or our affiliate.
Source: Item 23 — **RECEIPTS (FDD pages 59–254)
What This Means (2025 FDD)
Based on the 2025 Aira Fitness Franchise Disclosure Document, the circumstances under which a franchisee can cancel the Fitness Equipment Lease Agreement are not explicitly detailed. However, the FDD does state that franchisees are required to replace all fitness equipment within three years of the Effective Date of the Franchise Agreement.
According to Item 23, if a franchisee chooses to lease the fitness equipment, at the end of each three-year period, they must return the old equipment to the designated or approved supplier, which may be Aira Fitness or its affiliate, as per the terms of the equipment lease. Following this, the franchisee must enter into a new purchase agreement or lease for replacement equipment with a designated or approved supplier, which again may be Aira Fitness or its affiliate.
Given the lack of specific information regarding cancellation terms, it is important for a prospective Aira Fitness franchisee to seek clarification from Aira Fitness regarding the terms and conditions of the Fitness Equipment Lease Agreement, including any cancellation clauses, penalties, or conditions that may apply. Understanding these terms is crucial before entering into the agreement to avoid potential financial or operational challenges.