Who are considered 'Releasing 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 defines 'Releasing Parties' as the Releasor (the party signing the release) along with their parents, subsidiaries, and affiliates. This extends to the respective past and present officers, directors, shareholders, managers, members, partners, agents, and employees of these entities.
This definition is important because it clarifies who is giving up their rights to make claims against Bombs Away Franchising in the General Release. It's not just the individual franchisee, but also potentially a wide range of related entities and people connected to the franchisee's business structure. This broad scope ensures that Bombs Away is protected from potential future claims arising from various parties associated with the franchisee.
Prospective franchisees should carefully review this definition with their legal counsel to fully understand the implications. They should consider whether they have any existing or potential claims against Bombs Away through any of the entities or individuals included in the 'Releasing Parties' definition. It is also important to understand the circumstances under which Bombs Away might require a General Release, such as during a franchise renewal or the sale of the franchise.