Under what circumstances does Beverly Anns Cookie waive a default?
Beverly_Anns_Cookie Franchise · 2025 FDDAnswer from 2025 FDD Document
EXHIBIT H-1
BEVERLY ANN'S COOKIES FRANCHISE
SAMPLE WAIVER AND RELEASE OF CLAIMS
This Waiver and Release of Claims ("Release") is made as of 7/17/2025 by and among [Entity Name], d/b/a ["dba name"], a(n) [state] [entity name] ("Franchisee"), each of the undersigned individuals holding an ownership interest in Franchisee ("Owner(s),") and (collectively with Franchisee, "Releasors") Mobile Cookie Company, LLC, a Delaware limited liability company ("Franchisor," and together with Releasors, each, a "Party" and together, the "Parties").
WHEREAS, Franchisor and Franchisee have entered into a Franchise Agreement ("Agreement") pursuant to which Franchisee was granted the right to own and operate a Beverly Ann's Business;
WHEREAS, (Franchisee has notified Franchisor of its desire to transfer the Agreement and all rights related thereto, or an ownership interest in Franchisee, to a transferee/enter into a successor franchise agreement/amend the Agreement) or (the Agreement is being terminated/or indicate other reason for the requirement of this waiver and release), and Franchisor has consented to such (transfer/successor franchise agreement/amendment/termination/other reason); and
Source: Item 22 — CONTRACTS (FDD page 57)
What This Means (2025 FDD)
The 2025 Franchise Disclosure Document for Beverly Anns Cookie includes a sample waiver and release of claims agreement as Exhibit H-1. This agreement outlines the circumstances under which a franchisee might be released from certain obligations or claims.
Specifically, the sample waiver is used when a franchisee notifies Beverly Anns Cookie of their desire to transfer the Franchise Agreement and all related rights, transfer an ownership interest in the Franchisee, enter into a successor franchise agreement, or amend the existing agreement. It also applies when the Franchise Agreement is being terminated, or for any other reason requiring a waiver and release. In these situations, Beverly Anns Cookie's consent is required for the transfer, successor agreement, amendment, or termination to proceed.
This waiver and release ensures that all parties, including the franchisee, owners, and Beverly Anns Cookie, agree to release each other from potential liabilities or claims arising from the change in the franchise relationship. It is important for prospective franchisees to carefully review the specific terms of the waiver and release agreement with legal counsel to understand the full scope of their rights and obligations when such situations arise.