What is the 'Development Information Sheet' for a Bang Cookies franchise, and where can it be found?
Bang_Cookies Franchise · 2024 FDDAnswer from 2024 FDD Document
Franchisor grants to Franchisee the right, and Franchisee accepts the right and undertakes the obligation to develop Bang Cookies Shops, each to be developed, opened and operated by Franchisee within the Development Area (each, a "Development Shop"), provided that Franchisee develops, opens and operates such Development Shops in strict accordance with the Development Schedule, and, in accordance with the terms and provisions of each respective Franchise Agreement.
The aggregate number of Development Shops (including the First Development Shop) (collectively, referred to as the "Total Development Shops") that are authorized by this Agreement and required for development, subject to the terms of this Agreement and each respective Franchise Agreement, is set forth and defined in the Development Information Sheet.
The Development Area is and shall constitute the geographic area set forth and identified in the Development Information Sheet.
The Development Information Sheet is attached as Schedule A to this Agreement and is incorporated into and made a part of this Agreement. To be effective the Development Information Sheet must be completed and signed by Franchisor.
Source: Item 23 — RECEIPTS (FDD pages 56–245)
What This Means (2024 FDD)
According to Bang Cookies's 2024 Franchise Disclosure Document, the Development Information Sheet outlines the specifics of a franchisee's development obligations when granted the right to develop Bang Cookies Shops within a defined area. This sheet details the number of shops a franchisee must develop, open, and operate, adhering strictly to the Development Schedule. The Development Information Sheet also specifies the geographic area designated for development.
The Development Information Sheet is crucial because it sets the terms for the franchisee's expansion responsibilities. It defines the 'Total Development Shops' authorized under the agreement and the 'Development Area' where these shops must be located. The franchisee must open and operate new shops according to the 'Development Schedule' outlined in the agreement. Failure to meet these development obligations can lead to termination of the agreement.
The Development Information Sheet is attached as Schedule A to the Multi-Unit Development Agreement and is incorporated into it. To be valid, the Development Information Sheet must be completed and signed by Bang Cookies. This sheet ensures that both the franchisor and franchisee are aligned on the development expectations and territorial rights, which is a common practice in multi-unit franchise agreements to manage growth and market penetration.