What is the Reporting Non-Compliance fee for a Bang Cookies franchise?
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 $150 per occurrence. This fee 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 outlined in the Franchise Agreement.
Bang Cookies franchisees must pay this fee within 14 days of the invoice date. It is important for franchisees to adhere to the reporting deadlines specified in the Franchise Agreement to avoid incurring this fee. This ensures that Bang Cookies receives the necessary information to monitor the performance of the franchise and calculate royalties accurately.
Franchisees should establish internal controls and processes to ensure timely submission of all required reports and financial statements. Failure to do so can result in additional expenses and may indicate operational or financial difficulties that could affect the franchise's overall performance. Keeping accurate records and adhering to the reporting schedule will help franchisees avoid this non-compliance fee and maintain a positive relationship with Bang Cookies.