What is the late charge for overdue Beverly Anns Cookie loan payments?
Beverly_Anns_Cookie Franchise · 2025 FDDAnswer from 2025 FDD Document
turity date. - Loan. A(n) Loan fee of $200.00 payable from the loan proceeds.
- 5. REMEDIAL CHARGES. In addition to interest or other finance charges, I agree that I will pay these additional fees based on my method and pattern of payment. Additional remedial charges may be described elsewhere in this Note.
- A. Late Charge. If a payment is more than 10 days late, I will be charged 10.000 percent of the Amount of Payment or $10.00, whichever is greater. However, this charge will not be greater than $100.00.
Source: Item 22 — CONTRACTS (FDD page 57)
What This Means (2025 FDD)
According to the 2025 Beverly Anns Cookie FDD, if a payment is more than 10 days late, the franchisee will be charged 10% of the payment amount or $10.00, whichever is greater. However, the late charge will not exceed $100.00, and it is applied only once for each late payment.
Additionally, for any payment not received by its due date, the franchisee agrees to pay a late charge equal to the higher of 10% of the amount due or $25.00, not to exceed the maximum amount permitted by law, as reasonable collection costs.
These late payment terms are typical in franchise agreements to ensure timely payments and cover administrative costs associated with collecting overdue amounts. A prospective Beverly Anns Cookie franchisee should be aware of these charges to avoid incurring additional expenses and maintain a good financial standing with the lender.