What document related to the New Franchise Agreement must Belocal's Transferee Principals execute?
Belocal Franchise · 2025 FDDAnswer from 2025 FDD Document
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- New Franchise Agreement. Transferee and Transferee's Principals have read and understand Franchisor's current form of franchise agreement with related attachments, if any (collectively, "New Franchise Agreement"), and agree that on or before Closing, Transferee will enter into the New Franchise Agreement with Franchisor and execute or cause to be executed all attachments thereto, and Transferee Principals will each execute the Principals' Undertaking (Attachment C to the New Franchise Agreement).
Source: Item 22 — CONTRACTS (FDD page 71)
What This Means (2025 FDD)
According to Belocal's 2025 Franchise Disclosure Document, Transferee Principals must each execute the Principals' Undertaking, which is Attachment C to the New Franchise Agreement. This requirement is part of the overall process for transferring a Belocal franchise to a new owner.
This stipulation ensures that the individuals who will be in charge of the Belocal franchise under the new ownership are legally bound to the terms and conditions of the New Franchise Agreement. By signing the Principals' Undertaking, these individuals acknowledge their responsibilities and obligations, providing Belocal with an additional layer of security and accountability.
Prospective franchisees looking to transfer their Belocal franchise should pay close attention to this requirement and ensure that all Transferee Principals are prepared to execute the Principals' Undertaking. Failure to comply with this requirement could potentially delay or even prevent the transfer of the franchise.