Does Bonchon provide guidelines on 'Accepting Payment' within its money handling procedures?
Bonchon Franchise · 2025 FDDAnswer from 2025 FDD Document
st will be calculated at the rate of 4.0% above the then-current Wall Street Journal prime rate of interest. This provision does not constitute consent to late payments or an agreement to extend credit. If you are delinquent in any required payment, we or our affiliate may apply any payment from you to any obligation due in whatever order and for whatever purposes as we determine, whether or not there is any contrary designation by you. You may not withhold, set-off or recoup payment of any amount due on the grounds of the alleged non-performance or breach of any of our or our affiliates' obligations under this or any other agreement.
- E. In addition to all other payments under this Agreement, you agree to pay us or our affiliates immediately upon demand: (a) all sales taxes, trademark license taxes and any other taxes, imposed on, required to be collected, or paid by us or our affiliates (excluding any corporate income taxes imposed on us or our affiliates) because we or our affiliates have furnished services or products to you, collected any fee from you, collected any fee from you, licensed our Proprietary Marks to you and/or entered into this Agreement with you; (b) all amounts we advance, pay or become obligated to pay on your behalf for any reason; (c) all amounts you owe us or our affiliates for products or services that you purchase from us or our affiliates; and (d) all amounts you owe us or our affiliates for programs, products or services that you purchase from us or our affiliates.
6. SITE SELECTION, CONSTRUCTION, TRADE DRESS AND LEASE REQUIREMENTS
6.01 Restaurant Location
- A. You may operate your franchised Bonchon Business only from your Restaurant Location. You may use the Restaurant Location for no other purpose than the operation of the franchised Business.
- B.
Source: Item 23 — RECEIPTS (FDD pages 92–536)
What This Means (2025 FDD)
Based on the 2025 Bonchon Franchise Disclosure Document, there is no explicit mention of specific guidelines on 'Accepting Payment' within the provided excerpts. However, the FDD does address payment-related issues in other contexts. For instance, Bonchon has the right to apply any payment from the franchisee to any obligation due, regardless of any designation made by the franchisee. Additionally, the franchisee cannot withhold, set-off, or recoup payment of any amount due based on alleged non-performance or breach by Bonchon.
Furthermore, the franchisee is responsible for paying all sales taxes, trademark license taxes, and any other taxes imposed on Bonchon or its affiliates due to services or products furnished to the franchisee, fees collected from the franchisee, licensing of proprietary marks, and/or the franchise agreement itself. The franchisee must also pay all amounts Bonchon advances, pays, or becomes obligated to pay on the franchisee's behalf, as well as amounts owed for products or services purchased from Bonchon or its affiliates.
While the FDD excerpts do not detail specific procedures for accepting payments from customers, they do outline the financial obligations of the franchisee to Bonchon and the franchisor's rights regarding payments. A prospective franchisee should inquire with Bonchon about the specific money handling procedures and training provided to ensure proper payment processing and financial management at the restaurant level. Understanding these procedures is crucial for maintaining accurate records and complying with financial obligations under the franchise agreement.
Additionally, the table of contents for the Daily Operating Procedures includes sections such as 'Daily Routines – FOH' and 'Daily Routines – BOH' which may contain information related to money handling. It would be beneficial for a potential franchisee to review the full franchise agreement and related manuals to gain a comprehensive understanding of Bonchon's payment acceptance guidelines.