What does the franchisee acknowledge regarding representations made by Baya Bar or its representatives?
Baya_Bar Franchise · 2024 FDDAnswer from 2024 FDD Document
Y TO ANY CLAIMS ARISING FROM REPRESENTATIONS MADE BY FRANCHISOR IN FRANCHISOR'S FRANCHISE DISCLOSURE DOCUMENT RECEIVED BY FRANCHISEE.
| | | Initial | |--------------------------|-----------------|---------| | Acknowledged this day of | | | | PRINCIPAL: | FRANCHISEE: | | | Signature | By: | | | Name: | Name: Title: | |
EXHIBIT H-2
DEVELOPER ACKNOWLEDGEMENT STATEMENT
Developer hereby acknowledges the following:
- Developer has conducted an independent investigation of all aspects relating to the financial, operational and other aspects of the business of developing the Baya Bar outlets contemplated hereunder. Developer further acknowledges that, except as may be set forth in Franchisor's Disclosure Document, no representations of performance (financial or otherwise) for the Baya Bar outlets to be developed hereunder has been made to Developer by Franchisor and Developer hereby waives any claim against Franchisor for any business failure Developer may experience as a developer under this Agreement.
_____ Initial
- Developer agrees that no claims of success or failure have been made to him or her prior to signing this Agreement and that he/she understands all the terms and conditions of this Agreement. Developer further acknowledges that this Agreement contains all oral and written agreements, representations and arrangements between the parties hereto, and any rights which the respective parties hereto may have had under any other previous contracts are hereby cancelled and terminated, and that this Agreement cannot be changed or terminated orally; provided, however, nothing in this Multi-Unit Development Agreement or in any related agreement is intended to disclaim the representations made to Developer in Franchisor's Franchise Disclosure Document.
_____ Initial
- Developer has no knowledge of any representations by Franchisor or its officers, directors, shareholders, employees, sales representatives, agents or servants, about the business contemplated by this Agreement that are contrary to the terms of this Agreement or the documents incorporated herein. Developer acknowledges that no representations or warranties are made or implied, except as specifically set forth herein. Developer represents, as an inducement to Franchisor's entry into this Agreement, that Developer has made no misrepresentations in obtaining this Agreement.
_____ Initial
Source: Item 23 — RECEIPTS (FDD pages 56–189)
What This Means (2024 FDD)
According to Baya Bar's 2024 Franchise Disclosure Document, a developer acknowledges several key points regarding representations made by Baya Bar. The developer acknowledges that, except as explicitly stated in the Franchise Disclosure Document, Baya Bar has not made any performance representations, financial or otherwise, regarding the Baya Bar outlets to be developed. The developer also waives any claims against Baya Bar for business failure as a developer under the agreement. This indicates that Baya Bar is not guaranteeing any level of financial success and the developer is taking on the risk of the business venture.
Furthermore, the developer agrees that no claims of success or failure have been made prior to signing the agreement and that they understand all the terms and conditions. The developer also acknowledges that the agreement contains all oral and written agreements, representations, and arrangements between the parties, superseding any previous contracts. However, the document clarifies that nothing disclaims the representations made to the developer in Baya Bar's Franchise Disclosure Document. This ensures that the developer cannot claim reliance on any verbal promises or representations outside of the official FDD.
Additionally, the developer confirms they have no knowledge of any representations by Baya Bar or its representatives that contradict the terms of the agreement or incorporated documents. The developer acknowledges that no representations or warranties are made or implied, except as specifically set forth in the agreement, and represents that they have not made any misrepresentations to obtain the agreement. Baya Bar expressly disclaims making any warranty or guarantee, express or implied, regarding the potential volume, profits, or success of the business venture, and the developer acknowledges that they have not relied upon any such warranty or guarantee. This reinforces that the developer is entering the agreement based on their own assessment and understanding of the risks involved, not on any promises of profitability from Baya Bar.