Who is included in the definition of 'Principals' for Big Frog Custom T Shirts More?
Big_Frog_Custom_T_Shirts_More Franchise · 2024 FDDAnswer from 2024 FDD Document
EXHIBIT H
, , with its principal place of business located at a(n) ("Franchisee") and 's principals , an individual residing at and ("Principal(s)"). "Franchisee Released Claims").
Source: Item 23 — RECEIPTS (FDD pages 46–171)
What This Means (2024 FDD)
According to the 2024 Franchise Disclosure Document, Big Frog Custom T Shirts More's Exhibit H defines 'Principals' in the context of a general release. The release involves the franchisee, identified as a business entity with its principal place of business, and the franchisee's principals, who are specified as individuals residing at a particular address. This definition is used within the legal context of the general release agreement.
This definition is important because the release extends not only to the franchisee entity but also to the individuals identified as principals. By signing the release, both the franchisee and the principals agree to release Big Frog Custom T Shirts More from certain claims and liabilities. This ensures that the release is comprehensive, covering both the business and the individuals who own or control it.
Prospective franchisees should carefully review Exhibit H and understand who is considered a 'Principal' in their specific circumstances. They should also be aware of the implications of signing the general release, as it affects their rights and potential claims against Big Frog Custom T Shirts More. It is advisable to seek legal counsel to fully understand the scope and impact of the release before signing any agreements.