Where in the Bang Cookies Franchise Agreement can I find the definition of 'Development Period'?

According to Bang Cookies' 2024 Franchise Disclosure Document, the definition of 'Development Period' can be found in Section 4.4 of the Franchise Agreement. The document specifies that 'Development Period' has the meaning defined and set forth in that section.

Section 4.4 further clarifies that Bang Cookies franchisees agree to develop, establish, and operate Development Shops according to a development schedule. This schedule defines measurement periods, each referred to as a 'Development Period.' It also specifies the number of Newly Opened Development Shops that must be established within each Development Period, as well as the minimum number of Cumulative Development Shops that must be open and operating by the end of each Development Period.

The Development Schedule itself is detailed in the Development Information Sheet, which is a crucial component of the agreement. Franchisees are expected to meet the requirements of the Development Schedule, including the timely development, establishment, and operation of the required number of Bang Cookies shops within the Development Area for each Development Period.

Failure to meet the development schedule can have serious consequences, as it constitutes a material breach of the agreement. Bang Cookies emphasizes that 'time is of the essence' regarding these development obligations. This means that not adhering to the schedule can lead to termination of the agreement and loss of any future development rights. Therefore, prospective franchisees should carefully review and understand the Development Schedule and its implications before entering into the agreement.