Who is the 'Releasee' in the Bombs Away General Release?
Bombs_Away Franchise · 2024 FDDAnswer from 2024 FDD Document
This General Release ("Release") is executed by the undersigned ("Releasor") in favor of Bombs Away Franchising, LLC, a Wyoming Limited Liability Company ("Bombs Away Franchising").
Background Statement: [describe circumstances of Release]
Releasor agrees as follows:
- **1.
Release.** 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 'Releasee' in the General Release is Bombs Away Franchising, LLC, a Wyoming Limited Liability Company, along with its affiliates, and their respective directors, officers, shareholders, employees, and agents (collectively, the "Released Parties").
This means that the Releasor, who is the party signing the release (typically the franchisee or related parties), is agreeing to release Bombs Away Franchising from any and all claims they may have against them. This release covers a broad range of potential issues, including those arising from the Franchise Agreement itself.
Bombs Away may require a general release in specific situations, such as when a franchisee renews their franchise agreement or as a condition for approving the sale of a franchise. This is a common practice in franchising to protect the franchisor from potential future liabilities related to the franchisee's operation or past relationship with the brand.