In the context of assigning a Big O Tires store, who is considered the 'ASSIGNOR'?
Big_O_Tires Franchise · 2025 FDDAnswer from 2025 FDD Document
| The parties desire to set forth the terms and conditions under which BIG O will consent to assignment of the franchised Big O Tires Store at | ("Big O Tires Store"): | |
|---|---|---|
| ASSIGNOR: | [Type Franchisee Name of Seller] | |
| [Type Guarantor's Name as listed on Schedule 3], as Guarantor | ||
| [Type Street Address of Guarantor] | ||
| [Type City, State & Zip of Guarantor] | ||
| [Type Guarantor's Name as listed on Schedule 3], as Guarantor | ||
| [Type Street Address of Guarantor] | ||
| [Type City, State & Zip of Guarantor] | ||
| collectively and individually, the "ASSIGNOR" |
Source: Item 23 — RECEIPTS (FDD pages 102–535)
What This Means (2025 FDD)
According to the 2025 Big O Tires Franchise Disclosure Document, the 'ASSIGNOR' in the context of assigning a Big O Tires store is defined as the current franchisee or seller. This includes the franchisee's name, any guarantors listed on Schedule 3, and their respective addresses. The document specifies that these parties are collectively and individually referred to as the 'ASSIGNOR'.
This definition is crucial when a franchisee decides to sell their Big O Tires store to a new owner, referred to as the 'ASSIGNEE'. The assignor is responsible for fulfilling certain obligations and conditions before the transfer can be approved by Big O Tires. These obligations may include settling any outstanding debts owed to Big O Tires and ensuring compliance with the terms outlined in the franchise agreement and related documents.
Furthermore, the assignor is required to release Big O Tires from any claims related to the franchise agreement or the operation of the store. This release protects Big O Tires from potential liabilities arising from the assignor's past operation of the franchise. The assignee, or buyer, also provides a similar release to Big O Tires. This process ensures a clean transfer of ownership and responsibilities from the seller to the buyer, with Big O Tires' consent and involvement.