How must a Bonchon franchisee acknowledge receipt of the Successor Term Package?

According to Bonchon's 2025 Franchise Disclosure Document, a franchisee must acknowledge receipt of the Successor Term Package in any manner that Bonchon reasonably specifies. The Successor Term Package contains information about renewing the franchise agreement for another term.

Within thirty days of Bonchon receiving the franchisee's written notice of intent to renew, Bonchon will provide the franchisee with a current franchise disclosure document (if legally required) and a copy of the Successor Franchise Agreement ready for execution. The franchisee's acknowledgement of receiving this package is a required step in the renewal process.

It is important to note that time is of the essence regarding the procedures for obtaining a Successor Term. Failure to perform any required actions or deliver any required writing in a timely fashion will be considered a conclusive election not to exercise the right to enter into a Successor Franchise Agreement, causing the right to automatically lapse and expire without further notice from Bonchon.