What is the definition of 'User Information' in the Stripe Services Agreement for Bonchon?
Bonchon Franchise · 2025 FDDAnswer from 2025 FDD Document
3. Information; Your Business.
3.1 User Information.
Upon Stripe's request, you must provide User Information to Stripe in a form satisfactory to Stripe. You must keep the User Information in your Stripe Account current. You must promptly update your Stripe Account with any changes affecting you, the nature of your business activities, your Representative, beneficial owners, principals, or any other pertinent information. You must immediately notify Stripe, and provide to Stripe updated User Information, if (a) you experience or anticipate experiencing a Change of Control; (b) you experience or anticipate experiencing a material change in your business or financial condition, including if you experience or are likely to experience an Insolvency Proceeding; (c) the regulatory status of the business for which you are using the Services changes, including if it becomes subject, or no longer subject, to regulatory oversight; or (d) a Governmental Authority has notified you that you or your business is the subject of investigative action.
Source: Item 23 — RECEIPTS (FDD pages 92–536)
What This Means (2025 FDD)
According to Bonchon's 2025 Franchise Disclosure Document, the Stripe Services Agreement defines 'User Information' as information that Bonchon must provide to Stripe upon request, in a form satisfactory to Stripe. Bonchon must keep this User Information current within its Stripe Account.
Bonchon is obligated to promptly update its Stripe Account with any changes affecting the business. This includes changes to the nature of business activities, its representative, beneficial owners, principals, or any other pertinent information.
Furthermore, Bonchon must immediately notify Stripe and provide updated User Information if certain events occur. These events include experiencing or anticipating a change of control, a material change in the business or financial condition (including insolvency proceedings), a change in the regulatory status of the business, or notification from a Governmental Authority that Bonchon or its business is the subject of investigative action. This ensures Stripe maintains accurate and up-to-date information about Bonchon's operations and compliance status.