Under the guarantee of performance for the Amerispec Inspection Services franchise, when does the guarantee terminate?
Amerispec_Inspection_Services Franchise · 2025 FDDAnswer from 2025 FDD Document
For value received, TCB Services HoldCo, LLC, a Delaware limited liability company (the "Guarantor"), located at 3060 Peachtree Road, NW, Suite 201, Atlanta, Georgia 30305 absolutely and unconditionally guarantees to assume the duties and obligations of TCB AmeriSpec, LLC, located at 57 Germantown Court, Suite 201, Cordova, Tennessee 38018 (the "Franchisor"), under its franchise registration in each state where the franchise is registered, and under its Franchise Agreement identified in its AmeriSpec Inspection Services Franchise Disclosure Document, as it may be amended, and as that Franchise Agreement may be entered into with franchisees and amended, modified or extended from time to time. This guarantee continues until all such obligations of the Franchisor under its franchise registrations and the Franchise Agreement are satisfied or until the liability of Franchisor to its franchisees under the Franchise Agreement has been completely discharged, whichever first occurs. The Guarantor is not discharged from liability if a claim by a franchisee against the Franchisor remains outstanding. Notice of acceptance is waived. The Guarantor does not waive receipt of notice of default on the part of the Franchisor. This guarantee is binding on the Guarantor and its successors and assigns.
Source: Item 23 — Receipts (FDD pages 47–172)
What This Means (2025 FDD)
According to the 2025 Amerispec Inspection Services Franchise Disclosure Document, the Guarantee of Performance provided by TCB Services HoldCo, LLC, ensures that the Guarantor will assume the duties and obligations of TCB AmeriSpec, LLC, the Franchisor, under its franchise registration in each state where the franchise is registered and under its Franchise Agreement.
This guarantee remains in effect until all obligations of Amerispec Inspection Services under its franchise registrations and the Franchise Agreement are satisfied. Alternatively, the guarantee terminates when the liability of Amerispec Inspection Services to its franchisees under the Franchise Agreement has been completely discharged, whichever event occurs first.
However, the guarantee does not end if a claim by a franchisee against Amerispec Inspection Services remains outstanding, meaning the guarantor's obligations continue until all franchisee claims are resolved. The guarantor does not need notice of acceptance of the guarantee but does not waive receipt of notice of default on the part of the Franchisor. This guarantee is binding on the Guarantor and its successors and assigns.