For All Team, what is the effect of Secured Party's exercise of any right, power, or remedy?
All_Team Franchise · 2025 FDDAnswer from 2025 FDD Document
- (d) Secured Party's exercise or failure to exercise any right, power, or remedy does not constitute a waiver of any Default under this Agreement.
A waiver, amendment, modification, or termination of this Agreement will be valid and effective only if it is in writing and signed by each party.
In addition, a written waiver by Secured Party of a Default of this Agreement will not operate as a waiver of any other Default or of a succeeding Default under the same provision or as a waiver of the provision itself.
A delay, omission, or course of dealing on the part of Secured Party in exercising any right, power, or remedy will not operate as a waiver of it, except if this Agreement expressly requires the right, power, or remedy to be exercised within a specified time, and a single or partial exercise by Secured Party of any right, power, or remedy does not preclude any further exercise of it or the exercise of any other right, power, or remedy.
Source: Item 22 — CONTRACTS (FDD pages 33–34)
What This Means (2025 FDD)
According to the 2025 FDD, the Secured Party's actions, whether exercising or failing to exercise any right, power, or remedy, do not constitute a waiver of any default under the All Team agreement. This means that even if the Secured Party chooses not to enforce a specific right or remedy at one point, it does not prevent them from enforcing that right or remedy, or any other right or remedy, in the future if a default occurs.
Furthermore, a written waiver by the Secured Party of a default does not act as a waiver of any other default. It also does not waive a succeeding default under the same provision, or act as a waiver of the provision itself. This ensures that All Team maintains its ability to enforce the franchise agreement terms despite any previous leniency shown to the franchisee.
A delay or omission on the part of the Secured Party in exercising any right, power, or remedy does not operate as a waiver of it. The only exception is if the agreement expressly requires the right, power, or remedy to be exercised within a specified time. A single or partial exercise by the Secured Party of any right, power, or remedy does not preclude any further exercise of it or the exercise of any other right, power, or remedy. This clause reinforces the Secured Party's continuous ability to enforce the agreement terms fully, even if they initially choose to exercise their rights partially.