What agreement must Bang Cookies Franchisee's Owners and Spouses execute and deliver to the Franchisor?
Bang_Cookies Franchise · 2024 FDDAnswer from 2024 FDD Document
Franchisee agrees that the foregoing covenants and obligations shall also apply to: (a) Franchisee's Owners and Spouses and that Franchisee's Owners and Spouses shall each execute and deliver to Franchisor the Franchise Owner and Spouse Agreement and Guaranty in the form attached to this Agreement as Exhibit 1;
Franchise Agreement – Exhibit 1
Franchise Owner and Spouse Agreement and Guaranty
FRANCHISE OWNER AND SPOUSE AGREEMENT AND GUARANTY
This Franchise Owner and Spouse Agreement and Individual Guaranty (the "Agreement") is individually entered into by you as either an owner of __________________________ (hereinafter referred to as "Franchisee"), Franchisee, or the spouse of the owner of franchisee and is given and signed by you in favor of Bang Cookies Franchise LLC, franchisor of the Bang Cookies franchise system and in favor of Bang Cookies Franchise LLC's successors and assigns, upon the terms and conditions set forth in this Agreement. In this Agreement Bang Cookies Franchise LLC is referred to as "us", "our" or "we", and each individual that signs this Agreement is referred to as "you".
Recitals and Representations
WHEREAS, you agree that we have developed a distinctive and proprietary system (the "System") for the establishment, development and operation of a Bang Cookies Shop, a cookie shop that bakes and sells cookies, baked goods and other products and services that the Franchisor authorizes (the "Approved Services and Products") under the Licensed Marks (defined below) (each, a "Bang Cookies Shop");
WHEREAS, Franchisee has entered into a Bang Cookies Shop Franchise Agreement (the "Franchise Agreement") for the ownership, development and operation of a Bang Cookies Shop (the "Franchised Business");
WHEREAS, you have received and have thoroughly reviewed the completed Franchise Agreement, including the completed Schedules and Exhibits attached thereto;
WHEREAS, we have recommended that you thoroughly review the Franchise Agreement, this Agreement and all exhibits and schedules to the Franchise Agreement with a lawyer selected and hired by you;
Source: Item 23 — RECEIPTS (FDD pages 56–245)
What This Means (2024 FDD)
According to Bang Cookies' 2024 Franchise Disclosure Document, Franchisee's Owners and Spouses must execute and deliver to Bang Cookies the 'Franchise Owner and Spouse Agreement and Guaranty' in the form attached to the Franchise Agreement as Exhibit 1. This requirement ensures that Owners and Spouses are bound by certain obligations and responsibilities outlined in the franchise agreement.
The Franchise Owner and Spouse Agreement and Guaranty is entered into by the individual as either an owner of the Franchisee or the spouse of the owner. This agreement is made in favor of Bang Cookies Franchise LLC, including its successors and assigns, and is subject to the terms and conditions outlined within the agreement. The document emphasizes that Bang Cookies has developed a distinctive system for operating Bang Cookies Shops, which involves baking and selling cookies, baked goods, and other approved products and services under licensed marks.
The FDD emphasizes that prospective franchisees thoroughly review the Franchise Agreement, including all schedules and exhibits, with a lawyer. This recommendation underscores the importance of understanding the legal and financial implications of the agreement before committing to the Bang Cookies franchise. The Franchise Owner and Spouse Agreement and Guaranty ensures that all parties involved are aware of their obligations and responsibilities, contributing to the overall success and compliance of the Bang Cookies franchise system.