Does Baya Bar make any representations of performance (financial or otherwise) to the Developer, other than what is in the Franchise Disclosure Document?
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.
Source: Item 23 — RECEIPTS (FDD pages 56–189)
What This Means (2024 FDD)
According to Baya Bar's 2024 Franchise Disclosure Document, the Developer Acknowledgment Statement clarifies that no performance representations, financial or otherwise, have been made to the developer by the franchisor, except as explicitly stated in the Franchise Disclosure Document. The developer acknowledges conducting an independent investigation into the financial and operational aspects of developing Baya Bar outlets and waives any claims against the franchisor for business failure, except for representations within the FDD.
This acknowledgment emphasizes that any potential franchisee or developer should rely solely on the information provided in the FDD and their own due diligence when evaluating the Baya Bar franchise opportunity. It protects Baya Bar from claims based on verbal or implied promises not documented in the FDD.
Furthermore, the document confirms that the developer has received the FDD with a complete copy of the agreement and all related exhibits at least fourteen calendar days before signing, affirming they have read and understood its contents. The developer also confirms having the opportunity to consult with their own advisors and possesses sufficient knowledge and experience to make an informed investment decision. This reinforces the importance of thorough review and independent assessment before entering into a franchise agreement with Baya Bar.