Who are considered the 'Franchisee Parties' that are releasing claims against Bigfoot Forestry?
Bigfoot_Forestry Franchise · 2025 FDDAnswer from 2025 FDD Document
"General Release" means our then-current form of Waiver and Release of Claims that you and your Owners must sign pursuant to §7.2 in connection with a Transfer.
"Owner" means a Person who meets any of the following criteria: (a) the Person directly signs this Agreement as the area developer, either alone or in conjunction with one or more other Persons; (b) the Person directly or indirectly through one or more intermediaries owns an Equity Interest in the Development Business or Developer Entity; (c) the Person directly signs a Franchise Agreement as the franchisee, either alone or in conjunction with one or more other Persons; and/or (d) the Person directly or indirectly through one or more intermediaries owns an Equity Interest in any affiliate of yours that executes a Franchise Agreement as authorized by §6.
Source: Item 23 — RECEIPT (FDD pages 42–162)
What This Means (2025 FDD)
According to the 2025 Bigfoot Forestry Franchise Disclosure Document, the term 'General Release' refers to the Waiver and Release of Claims form that the franchisee and their owners must sign in connection with a transfer. This indicates that both the franchisee and their owners are the parties releasing claims against Bigfoot Forestry in such situations.
Specifically, the FDD defines 'Owner' as any person who: signs the agreement as the area developer, owns an equity interest in the Development Business or Developer Entity, signs a Franchise Agreement as the franchisee, or owns an equity interest in any affiliate that executes a Franchise Agreement. This broad definition ensures that all individuals with a significant stake in the franchise are included in the release of claims.
This requirement protects Bigfoot Forestry from potential future legal issues arising from changes in ownership or control of the franchise. Prospective franchisees should carefully review the 'General Release' form and understand the implications of releasing claims before signing the Franchise Agreement or transferring ownership.