What exhibit must I execute and furnish to the supplier upon execution of the agreement for my Beggars Pizza franchise?
Beggars_Pizza Franchise · 2025 FDDAnswer from 2025 FDD Document
Upon execution of the Agreement, Franchisee must execute Exhibit B attached hereto and furnish to Supplier the bank and account number, a voided check from such bank account, and written authorization for Supplier to withdraw funds from the bank account via EFT without further consent or authorization for all payments payable by Franchisee to Supplier hereunder.
Franchisee must execute any documents as may be necessary to effectuate and maintain the EFT arrangement as required by Supplier.
Franchisee must pay all costs associated with any such transfer.
If Franchisee changes banks or accounts for the bank account required by this Section
- 3(d), Franchisee must, prior to such change, provide such information concerning the new account and an authorization to make withdrawals therefrom.
Franchisee's failure to provide such information concerning the bank account required by this Section 3(d) or any new account, or Franchisee's withdrawal of consent to withdrawals for whatever reason and by whatever method, will be a breach of the Agreement.
Source: Item 23 — RECEIPT (FDD pages 39–192)
What This Means (2025 FDD)
According to the 2025 Beggars Pizza Franchise Disclosure Document, upon executing the supplier agreement, you must complete Exhibit B and provide it to the supplier. This exhibit requires you to furnish the bank name and account number you'll use for EFT payments, along with a voided check from that account. You also need to provide written authorization allowing the supplier to withdraw funds from the account via EFT for all payments due, without needing further consent for each transaction.
This arrangement ensures that the supplier can automatically receive payments for products purchased for your Beggars Pizza restaurant. It streamlines the payment process, reducing the risk of late payments and potential disruptions to your supply of essential products. You are also responsible for covering any costs associated with these electronic transfers.
It's important to note that if you change banks or accounts, you must provide the new account information and authorization before the change takes effect. Failure to maintain this EFT arrangement or provide the necessary information is considered a breach of the agreement, which could have serious consequences. Beggars Pizza requires this to ensure a smooth payment process with its suppliers.