What late fee does Best In Class Education Center charge for overdue payments?
Best_In_Class_Education_Center Franchise · 2025 FDDAnswer from 2025 FDD Document
plicable due date (other than fees due within 15 days after the Effective Date). You must sign all other documents required by us or your bank to enable us to debit your Account for amounts owed. You must deposit all revenues you generate into the Account and ensure sufficient funds are available for withdrawal before each payment due date. If there are insufficient funds in
Source: Item 23 — RECEIPT (FDD pages 47–204)
What This Means (2025 FDD)
According to the 2025 Best In Class Education Center FDD, if a franchisee has insufficient funds in their account for owed payments, they are subject to a late charge as outlined in section 14.5 of the agreement. Additionally, Best In Class Education Center may impose a $50 NSF fee for each instance where there are insufficient funds in the franchisee's account to cover the amounts owed when due, or if a check issued to them is returned due to insufficient funds.
This means that franchisees must ensure they have sufficient funds in their account to cover all payments to Best In Class Education Center. Failure to do so will result in a $50 NSF fee for each failed payment, in addition to any late charges specified in section 14.5 of the franchise agreement.
It is important for prospective franchisees to carefully review section 14.5 of the franchise agreement to understand the specific details of the late charge policy. Maintaining sufficient funds in the designated account and adhering to payment schedules are crucial to avoid these additional fees and maintain a positive financial standing with Best In Class Education Center.