What is the franchisee acknowledging about understanding the terms and conditions of the Baya Bar Franchise Agreement?
Baya_Bar Franchise · 2024 FDDAnswer from 2024 FDD Document
per 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.
Source: Item 23 — RECEIPTS (FDD pages 56–189)
What This Means (2024 FDD)
According to the 2024 Baya Bar Franchise Disclosure Document, the developer acknowledges that they understand all the terms and conditions of the Development Agreement. This acknowledgement is part of the Developer Acknowledgement Statement, which requires the developer to initial next to the statement as confirmation.
Specifically, the developer is agreeing that no claims of success or failure have been made to them before signing the agreement. They are confirming their understanding of all the terms and conditions outlined in the agreement. This includes the understanding that the agreement encompasses all oral and written understandings between the parties, superseding any prior contracts. The developer also acknowledges that the agreement can only be changed or terminated in writing.
This acknowledgement serves to protect Baya Bar by ensuring that the developer cannot later claim they were unaware of the agreement's terms or that they relied on verbal promises not included in the written contract. It reinforces the importance of the developer's independent investigation into the business and their understanding of the risks involved. However, the agreement does not disclaim any representations made to the developer in Baya Bar's Franchise Disclosure Document.