What is the late fee for late payments or reports for an Apricot Lane franchise?
Apricot_Lane Franchise · 2025 FDDAnswer from 2025 FDD Document
| Type of Fee | Amount | Due Date | Remarks* |
|---|---|---|---|
| Late Fees | $5 per day for each day the Royalty or other payment or reports are late | On demand | You must submit all payments and reports on time to avoid this fee, including semi-monthly statements of gross revenues which are due with your Royalty payments |
| Finance Charge | Lower of 18% or highest legal rate for open account business credit accrued from due date | On demand after due dates of late payment | Imposing the finance charge does not excuse your late payment or commit us to extend credit to you |
Source: Item 6 — OTHER FEES (FDD pages 11–14)
What This Means (2025 FDD)
According to Apricot Lane's 2025 Franchise Disclosure Document, a franchisee will be charged a late fee of $5 per day for each day that royalty or other payments or reports are late. This fee is charged on demand. To avoid these late fees, Apricot Lane franchisees must submit all payments and reports on time, including semi-monthly statements of gross revenues, which are due with royalty payments.
In addition to late fees, Apricot Lane also charges a finance charge on late payments. This charge is the lower of 18% or the highest legal rate for open account business credit, accruing from the due date. The FDD specifies that imposing the finance charge does not excuse the franchisee's late payment or commit Apricot Lane to extend credit to the franchisee.
It is important for prospective Apricot Lane franchisees to understand these fees and ensure they have systems in place to make timely payments and submit reports to avoid incurring these additional costs. Paying close attention to the due dates for royalty payments and gross revenue statements is crucial for maintaining a positive financial standing with the franchisor.