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

According to Bonchon's 2025 Franchise Disclosure Document, the Stripe Services Agreement defines "Term" as the period from the date you first access or use the Services, known as the "Effective Date", until either you or Stripe terminates the agreement. This means the agreement remains in effect from your initial use of Stripe's services until one party decides to end it.

For a prospective Bonchon franchisee, understanding the "Term" is crucial because it dictates how long you are bound by the Stripe Services Agreement. This agreement governs your use of Stripe's payment processing services, which are likely essential for your Bonchon franchise operations. Knowing the duration helps in planning and managing your business's financial and operational aspects related to payment processing.

The agreement can be terminated by either the franchisee or Stripe, providing a degree of flexibility. However, it's important to understand the conditions under which Stripe might terminate the agreement, as this could impact your ability to process payments. Franchisees should review the full Stripe Services Agreement to understand termination clauses and ensure they comply with all terms to avoid unexpected disruptions.

It is also important to note that certain provisions of the agreement, such as those relating to liability, risk allocation, and confidentiality, may survive the termination of the agreement. This means that even after the agreement ends, some obligations and responsibilities will continue to apply, which is a common practice in service agreements to protect the interests of both parties involved.