Regarding a Successor Franchise Agreement with Bonchon, what is the deadline for a franchisee to notify Bonchon in writing of their desire to enter into a Successor Franchise Agreement before the expiration of the Initial Term?

According to Bonchon's 2025 Franchise Disclosure Document, a franchisee must provide written notification to Bonchon about their desire to enter into a Successor Franchise Agreement no less than six months before the expiration of the initial franchise term. This notification period is also capped, as the notification must be made no more than nine months before the initial term's expiration.

This requirement ensures that Bonchon has ample time to assess the franchisee's compliance with the franchise agreement, evaluate the restaurant's condition, and negotiate the terms of the Successor Franchise Agreement. It also allows the franchisee sufficient time to prepare for any required refurbishments or training programs. Missing this notification deadline could result in the franchisee losing the right to renew their franchise.

It is important for prospective Bonchon franchisees to mark these deadlines on their calendars and to understand all the conditions that must be met to qualify for a Successor Term, as outlined in Section 13.01 of the Franchise Agreement. Bonchon emphasizes that time is of the essence in these matters, meaning strict adherence to the notification timeline is critical.