How can the surety or sureties cancel the bond for Big Air Trampoline Park?
Big_Air_Trampoline_Park Franchise · 2025 FDDAnswer from 2025 FDD Document
-------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------| | 3. That the surety or sureties may cancel this bond and be relieved of furthereunder by delivering thirty days' written notice to the Commissioner of Business State of California; however, such cancellation shall not affect any liability incurred hereunder prior to the termination of said thirty day period.
Source: Item 22 — CONTRACTS (FDD page 53)
What This Means (2025 FDD)
According to the 2025 FDD, the surety or sureties providing the bond for Big Air Trampoline Park can cancel the bond by delivering a written notice to the Commissioner of Business for the State of California. This notice must be provided thirty days in advance of the cancellation date.
However, it's important to note that the cancellation of the bond does not eliminate any liability incurred before the end of the thirty-day notice period. This means that Big Air Trampoline Park remains responsible for any obligations or claims that arose prior to the termination date, even after the bond is canceled.
Additionally, the bond remains in effect until the Commissioner releases the surety or sureties from liability or until the bond is canceled by the surety or sureties. This indicates that there are two potential ways for the bond to be terminated: either through cancellation by the surety with the required notice or through a release from liability by the Commissioner. Prospective franchisees should be aware of these conditions, as they dictate the circumstances under which the bond can be terminated and the potential liabilities that may persist even after cancellation.