Who are considered 'Released Parties' in the Bombs Away General Release?
Bombs_Away Franchise · 2024 FDDAnswer from 2024 FDD Document
Releasor (on behalf of itself and its parents, subsidiaries and affiliates and their respective past and present officers, directors, shareholders, managers, members, partners, agents, and employees (collectively, the "Releasing Parties")) hereby releases Bombs Away Franchising, its affiliates, and their respective directors, officers, shareholders, employees, and agents (collectively, the "Released Parties") from any and all claims, causes of action, suits, debts, agreements, promises, demands, liabilities, contractual rights and/or obligations, of whatever nature, known or unknown, which any Releasing Party now has or ever had against any Released Party based upon and/or arising out of events that occurred through the date hereof, including without limitation, anything arising out of the Franchise Agreement (collectively, "Claims").
Source: Item 22 — CONTRACTS (FDD pages 35–36)
What This Means (2024 FDD)
According to Bombs Away's 2024 Franchise Disclosure Document, the General Release specifies who the Releasor is releasing claims against. The 'Released Parties' encompass Bombs Away Franchising, LLC, its affiliates, and their respective directors, officers, shareholders, employees, and agents.
In practical terms, this means that when a franchisee (Releasor) signs the General Release, they are agreeing not to pursue any legal action against Bombs Away itself, as well as any affiliated entities, individuals in leadership positions (directors, officers), shareholders, employees, and agents connected to Bombs Away. This release covers all known and unknown claims arising from events up to the date of the release, including those related to the Franchise Agreement.
This is a standard practice in franchising, where franchisors seek to protect themselves from potential liabilities when franchisees renew their agreements or transfer ownership. The franchisee should carefully consider the implications of signing such a release, as it waives their right to sue the franchisor and related parties for a broad range of claims. It is advisable for the franchisee to consult with an attorney before signing any release to fully understand its scope and impact.