Where can I find the definition of 'Term' within the Big Air Trampoline Park Franchise Agreement?
Big_Air_Trampoline_Park Franchise · 2025 FDDAnswer from 2025 FDD Document
3. TERM OF THE AGREEMENT AND LICENSE
- 3.1 This Agreement and the License granted shall become effective on the date this Agreement is executed by Franchisor and shall continue until midnight on the day before the tenth anniversary of the date the Big Air Trampoline Facility opened for business ("Term"), subject, however, to termination in accordance with the provisions of this Agreement. When the initial Term expires, Franchisee shall have the option at Franchisor's sole and absolute discretion to extend Franchisee's rights to operate the Big Air Trampoline Business for one additional term ("Successor Term") of 10 years. Franchisee must pay the Successor Franchise Fee set forth in Section 3.4(b) and otherwise comply with the requirements set forth in this Section 3.
Source: Item 23 — RECEIPT (FDD pages 53–255)
What This Means (2025 FDD)
According to the 2025 Big Air Trampoline Park Franchise Disclosure Document, the definition of "Term" can be found in Section 3.1, under the heading "TERM OF THE AGREEMENT AND LICENSE." This section specifies that the agreement becomes effective upon execution by the franchisor and continues until midnight on the day before the tenth anniversary of the Big Air Trampoline Facility opening.
This initial term is subject to early termination as per the agreement's provisions. Upon expiration of the initial term, the franchisee has the option to extend their rights to operate the Big Air Trampoline Business for an additional 10-year term, referred to as the "Successor Term." However, this extension is at Big Air Trampoline Park's sole discretion.
To qualify for a Successor Term, the franchisee must pay a Successor Franchise Fee and meet other requirements outlined in Section 3. The franchisor may refuse renewal if the franchisee has failed to remedy breaches of the agreement, committed multiple breaches, failed to provide timely notice of intent to renew, or is not current on payment obligations.