What is the 'Development Schedule' in the context of a Beem Light Sauna Development Agreement?

According to Beem Light Sauna's 2025 Franchise Disclosure Document, the Development Schedule outlines the deadlines for developing the Studios within a specific territory, known as the Development Area. Beem Light Sauna and the franchisee will finalize this schedule within the Development Agreement before signing. The franchisor determines the number of Studios a franchisee must develop and the corresponding deadlines to maintain their development rights.

If a franchisee fails to meet the obligations outlined in the Development Agreement, Beem Light Sauna has the option to modify the Development Area or the Development Schedule. This modification could involve decreasing the number of Studios the franchisee is required to develop. It is important to note that if Beem Light Sauna reduces the Development Area or Schedule due to a default, the franchisee will not receive a refund of any portion of the Development Fee.

Each proposed site for a Studio under the Development Agreement must be acceptable to Beem Light Sauna. Once a site is accepted and secured, the franchisor will determine the Territory for that specific Studio, applying their then-current standards for sites and Territories. Beem Light Sauna retains the right to terminate the Development Agreement if the franchisee does not fulfill their development obligations, and franchisees are prohibited from developing or operating Studios outside the designated Development Area.

Prospective franchisees should carefully review the Development Schedule and Development Agreement to fully understand their obligations and the potential consequences of failing to meet those obligations. They should also inquire about the criteria Beem Light Sauna uses to determine the number of Studios required and the deadlines for development, as well as the standards for site and Territory approval.