When is the Reporting Non-Compliance fee due to Bang Cookies?
Bang_Cookies Franchise · 2024 FDDAnswer from 2024 FDD Document
| POS Fee | Currently $165 per month | As incurred | |
|---|---|---|---|
| Self-Serve Kiosk Fee | $279 per month or for 2 or more kiosks, $199 per month per kiosk | As incurred | |
| Interest | 18% per annum from due date | On demand | Payable on all overdue amounts, fees, charges, and payments due to us under the Franchise Agreement. Interest rate cannot exceed legal rate allowed by law and may be adjusted to reflect same. |
| Reporting Non-Compliance | $150 per occurrence | 14 days of invoice | Payable for failure to timely submit Royalty and Activity Reports, and other reports and financial statements as required under Franchise Agreement. |
Source: Item 6 — OTHER FEES (FDD pages 13–17)
What This Means (2024 FDD)
According to Bang Cookies's 2024 Franchise Disclosure Document, the Reporting Non-Compliance fee is due within 14 days of the invoice date. This fee, set at $150 per occurrence, is charged if a franchisee fails to submit Royalty and Activity Reports, as well as other required reports and financial statements, in a timely manner as stipulated in the Franchise Agreement.
This means that if a Bang Cookies franchisee misses the deadline for submitting the necessary reports, they will receive an invoice for $150. They then have a 14-day window to pay this fee. Failing to pay within this timeframe could potentially lead to additional penalties, such as interest on the overdue amount.
It is important for prospective Bang Cookies franchisees to understand the reporting requirements outlined in the Franchise Agreement and to ensure timely submission of all required documents. This will help avoid incurring the Reporting Non-Compliance fee and maintain a good financial standing with Bang Cookies.