In the Benihana Franchise Agreement (Concession Model), what information is required to be filled in for both the franchisee and Benihana National Corp.?
Benihana Franchise · 2024 FDDAnswer from 2024 FDD Document
the prevailing party shall be entitled to its reasonable attorneys' fees and costs incurred therein, and said action must be filed in a court of competent jurisdiction in Miami-Dade County, Florida.
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- This Agreement may be signed in counterparts, each of which will be binding against the party executing it and considered as the original.
IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have executed this agreement effective as of the date first above.
| Witness: | RELEASOR: | |-------------------------|--------------------| | | By: Print Name: | | FRANCHISOR: | | | BENIHANA NATIONAL CORP. | | | By: | | | Print Name: | | | Title: | |
EXHIBIT H TO BENIHANA NATIONAL CORP. FRANCHISE DISCLOSURE DOCUMENT
GUARANTEE OF PERFORMANCE
For value received, The ONE Group Hospitality, Inc., a Delaware corporation ("Guarantor"), located at 1624 Market Street, Suite 311, Denver, Colorado 80202, absolutely and unconditionally guarantees to assume the duties and obligations of BENIHANA NATIONAL CORP., a wholly-owned subsidiary of Guarantor, located at 1624 Market Street, Suite 311, Denver, Colorado 80202 ("Franchisor"), under Franchisor's franchise registration in each state where the franchise is registered, and under the Franchise Agreement identified in Franchisor's 2024 Franchise Disclosure Document, as it may be amended, and as that Franchise Agreement may be entered into with franchisees and amended, modified or extended from time to time. This Guarantee of Performance continues until all such obligations of the Franchisor under it franchise registrations and the Franchise Agreement are satisfied or until the liability of Franchisor to its franchisees under the Franchise Agreement has been completely discharged, whichever first occurs. Guarantor is not discharged from liability if a claim by a franchisee against Franchisor remains outstanding. Notice of acceptance is waived. Guarantor does not waive receipt of notice of default on the part of Franchisor. This Guarantee of Performance is binding on Guarantor and its successor and assigns.
Source: Item 22 — CONTRACTS (FDD pages 73–74)
What This Means (2024 FDD)
Based on the 2024 Franchise Disclosure Document, several exhibits and agreements within the Benihana franchise agreement require specific information to be filled in by both the franchisee and Benihana National Corp. For instance, Exhibit H, the Guarantee of Performance, requires the Guarantor (The ONE Group Hospitality, Inc.) to sign and include their name and title, effective as of October 1, 2024. Additionally, the receipt included in the disclosure document requires the franchisee to sign and print their name and date, returning a copy to Benihana National Corp. while keeping one for their records.
Furthermore, Exhibit F, the Statement of Prospective Franchisee, necessitates the franchisee and any guarantors to complete a questionnaire, providing honest and complete responses, which Benihana relies upon when entering into the franchise relationship. The Franchise Agreement also includes a contract data sheet, though the specific data points to be filled are not detailed in the provided excerpts. These requirements ensure that both parties acknowledge their responsibilities and that Benihana has accurate information about the franchisee.
Prospective franchisees should carefully review all exhibits and schedules within the Franchise Agreement to understand their obligations and the information required from them. Ensuring all documents are accurately completed and submitted is crucial for a smooth franchise approval process and to avoid potential disputes later on. It is also important to note the specific dates and locations mentioned, such as Denver, Colorado, and October 1, 2024, as these details are critical for the legal validity of the agreements.