What does the Bang Cookies Franchise Agreement say about the parties' agreement in consideration of the recitals?
Bang_Cookies Franchise · 2024 FDDAnswer from 2024 FDD Document
NOW THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and sufficiency of which is hereby mutually acknowledged, the parties do hereby agree, as follows:
Source: Item 23 — RECEIPTS (FDD pages 56–245)
What This Means (2024 FDD)
According to Bang Cookies' 2024 Franchise Disclosure Document, the franchise agreements outline the understanding and agreement between the franchisor and franchisee, based on the recitals stated within the agreement. These recitals typically describe the Bang Cookies system, trademarks, and the franchisee's desire to operate a Bang Cookies shop.
Specifically, the franchise agreement states that in consideration of the recitals and other valuable considerations, both parties mutually acknowledge the receipt and sufficiency of the agreement. This signifies that both Bang Cookies and the franchisee agree to the terms outlined and that there is sufficient value exchanged for the agreement to be binding.
For a prospective franchisee, this means that by signing the agreement, they acknowledge the importance and accuracy of the recitals, which form the basis of their understanding and relationship with Bang Cookies. It also confirms that both parties are entering into the agreement willingly and with the understanding that they will adhere to the terms and conditions set forth in the franchise agreement.