What is the definition of 'Effective Date' in the Stripe Services Agreement for Bonchon?

According to Bonchon's 2025 Franchise Disclosure Document, the Stripe Services Agreement defines the 'Effective Date' as the date you first access or use the services provided by Stripe. This agreement remains in effect from the 'Effective Date' until either you or Stripe terminates it; this duration is referred to as the 'Term'.

For a prospective Bonchon franchisee, this means that the terms and conditions of the Stripe Services Agreement become legally binding the moment they start using Stripe's services. This could be when setting up their account, processing their first transaction, or otherwise engaging with the Stripe platform. Understanding this 'Effective Date' is crucial because it marks the beginning of their obligations and rights under the agreement.

Bonchon franchisees should be aware that the agreement continues indefinitely until terminated by either party. This implies that they must remain compliant with the terms of the agreement throughout their relationship with Bonchon and Stripe. It is also important to note that capitalized terms within the agreement are defined elsewhere, so franchisees should familiarize themselves with these definitions to fully understand their obligations.