What is the 'Term' in the Stripe Services Agreement for Bonchon?
Bonchon Franchise · 2025 FDDAnswer from 2025 FDD Document
This Agreement is effective upon the date you first access or use the Services ("Effective Date") and continues until you or Stripe terminates it (this period, the "Term"). Capitalized terms used in this Agreement that are not defined inline are defined in the Definitions.
Source: Item 23 — RECEIPTS (FDD pages 92–536)
What This Means (2025 FDD)
According to Bonchon's 2025 Franchise Disclosure Document, the 'Term' of the Stripe Services Agreement begins on the date a franchisee first accesses or uses the services, also known as the "Effective Date." The agreement continues until either the franchisee or Stripe terminates it. This defines the period of time during which the agreement is active and binding for both parties.
This means that as a Bonchon franchisee, you are bound by the Stripe Services Agreement from the moment you start using Stripe's services. The agreement remains in effect until you or Stripe decides to terminate it. Termination could occur for various reasons, such as a breach of contract or a mutual decision to end the relationship.
It's important to understand the conditions under which the agreement can be terminated and what your obligations are upon termination. Reviewing the full Stripe Services Agreement is crucial to understanding your rights and responsibilities during the term and after termination. This includes understanding any potential liabilities or ongoing obligations that may survive the termination of the agreement, as outlined in Section 6.3 regarding survival clauses.