What does 'Agreement Date' refer to in the Benjamin Franklin Plumbing franchise agreement?
Benjamin_Franklin_Plumbing Franchise · 2025 FDDAnswer from 2025 FDD Document
1.1. "Agreement Date" means the Agreement Date shown on the cover page of this Agreement.
3. AGREEMENT TERM
This Agreement will expire on the anniversary of the Agreement Date specified in the Brand Appendix (the "Expiration Date"). You will have an opportunity to renew the franchise rights when the term expires, subject to the terms of Section 19 and provided that you meet the conditions in that Section.
Source: Item 23 — RECEIPTS (FDD pages 88–312)
What This Means (2025 FDD)
According to the 2025 Benjamin Franklin Plumbing Franchise Disclosure Document, the Agreement Date is defined as the date shown on the cover page of the Franchise Agreement. This date is significant because several key terms and deadlines are calculated from it.
For instance, the franchise agreement term expires on the anniversary of the Agreement Date, as specified in the Brand Appendix. Franchisees have the opportunity to renew their franchise rights when the term expires, provided they meet certain conditions outlined in Section 19 of the agreement.
Additionally, for franchisees participating in the Conversion Incentive Program, the payment obligation for the Franchise Fee and any applicable Additional Population Fee (less the Conversion Down Payment) is deferred until the fifth anniversary of the Agreement Date, subject to the terms of a Promissory Note. The Agreement Date is also used to determine when the franchisee's gross revenue is evaluated to see if certain amounts due under the note will be waived.
Therefore, the Agreement Date serves as a crucial reference point for determining the start and end dates of the franchise term, payment schedules, and other obligations outlined in the Benjamin Franklin Plumbing franchise agreement.