In the Bang Cookies Multi-Unit Development Agreement, what is the purpose of the Development Information Sheet?
Bang_Cookies Franchise · 2024 FDDAnswer from 2024 FDD Document
s not respond, such request shall be deemed unapproved. Franchisor's consent to, or approval of, any act or request by Franchisee shall be effective only to the extent specifically stated, and Franchisor's consent or approval shall not be deemed to waive, or render unnecessary, consent or approval of any other subsequent similar act or request.
[SIGNATURE PAGE TO FOLLOW]
IN WITNESS WHEREOF, the parties have executed, sealed and delivered this Agreement as of the Effective Date set forth in the first paragraph of this Agreement.
| Franchisor: Bang Cookies Franchise LLC | Franchisee: | ||
|---|---|---|---|
| Signature | Signature | ||
| Name and Title (please print) | Name (please print) | ||
| Dated | Dated | ||
| Signature | |||
| Name (please print) | |||
| Dated |
| Multi-Unit Development Agreement – Schedule A DEVELOPMENT INFORMATION SHEET | |||
|---|---|---|---|
| Jersey 07072, (the "Franchisor") and(the "Franchisee"). | This Development Information Sheet is attached to, is incorporated into, and forms a part of the Bang Cookies Multi-Unit Development Agreement between Bang Cookies Franchise LLC, a New Jersey limited liability company with a principal place of business located at 550 Industrial Road, Unit D, Carlstadt, New | ||
| Sheet. | Defined terms shall have the meanings set forth in the Bang Cookies Multi-Unit Development Agreement between Franchisor and Franchisee and are further defined and set forth in this Development Information | ||
| each Owner of Franchisee: | If Franchisee is a Corporate Entity, Franchisee represents and affirms to Franchisor that the following is a list of | ||
| Owner Name | Owner Address | Ownership Interest Percentage | |
| Development Area Fee | Total Development Shops | ||
| $ | [] | ||
| Development Area | [To be Effective this Schedule Must be Completed and Signed by Franchisor] | ||
| Development Shop Initial Franchise Fee for the First Development Shop |
Development Shop Initial Franchise Fee for Other Development Shops
Shop. This initial franchise fee is separate from and in addition to the Development Area Fee.
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 serves multiple key purposes within the Multi-Unit Development Agreement. It is formally attached to and incorporated into the Multi-Unit Development Agreement between Bang Cookies Franchise LLC and the franchisee, thereby becoming an integral part of the agreement. The Development Information Sheet becomes effective as of the effective date of the Bang Cookies Multi-Unit Development Agreement.
The Development Information Sheet defines key terms used within the agreement. It also specifies the total number of Bang Cookies shops the franchisee is authorized and required to develop. Furthermore, the Development Area, which is the geographic area within which the franchisee is granted development rights, is set forth and identified in the Development Information Sheet.
In practical terms, the Development Information Sheet provides critical details about the scope and obligations of the multi-unit development agreement. It outlines the franchisee's development schedule and the geographic area they are responsible for developing. The Development Information Sheet also includes the Development Area Fee and the Development Shop Initial Franchise Fee for the First Development Shop. The document also requires the franchisee to list the name, address, and ownership percentage for each owner of the franchisee entity, if applicable. Because the Development Information Sheet defines the franchisee's development obligations, failing to comply with the schedule outlined in the Development Information Sheet is grounds for immediate termination of the agreement.