In the Atwell Suites agreement, when do the signatures of the Processor and Bank become effective?
Atwell_Suites Franchise · 2025 FDDAnswer from 2025 FDD Document
No alterations or changes to the Agreement will be accepted; any alterations or changes made are null and void and have no force or effect. Processor's and Bank's signatures are effective as of the date Client signs this Addendum.
Source: Item 23 — Receipts (FDD pages 99–486)
What This Means (2025 FDD)
According to Atwell Suites's 2025 Franchise Disclosure Document, the signatures of the Processor (FDS Holdings, Inc.) and the Bank (Bank of America, N.A.) on the agreement become effective on the date the Client (the franchisee) signs the addendum. This means that the agreement is only fully executed and binding once the franchisee has signed the document.
This clause ensures that all parties are in agreement and legally bound to the terms outlined in the addendum from the moment the franchisee commits to the agreement by signing. It is important for the franchisee to carefully review all aspects of the agreement before signing, as their signature marks the point at which the Processor's and Bank's obligations also take effect.
Prospective Atwell Suites franchisees should be aware of this effective date, as it triggers various obligations and rights for all parties involved. Franchisees should seek legal counsel to fully understand the implications of this clause and ensure they are prepared to meet their obligations from the moment they sign the agreement.