When is the BOR Software fee due for a Bor Restoration franchise?
Bor_Restoration Franchise · 2024 FDDAnswer from 2024 FDD Document
ure_0.jpeg)
| Type of Expenditure | Amount | Method of | When Due | To Whom Payment is to be |
|---|---|---|---|---|
| (Note 1) | Payment | Made | ||
| IFF | $44,000 | Lump sum | At the signing of Franchise Agreement. | Us |
| Opening Package | $127,000 | Lump-sum | At the signing of the Franchise Agreement. | An Approved Vendor, An Affiliate, or Us. |
| BOR Software | $3,999 | Lump-sum | At the signing of the Franchise Agreement. | Us. |
| Technology | $2,995 | Lump-sum | At the signing of the Franchise Agreement. | Us. |
Source: Item 7 — (FDD pages 15–18)
What This Means (2024 FDD)
According to Bor Restoration's 2024 Franchise Disclosure Document, the BOR Software fee of $3,999 is due in a lump sum at the signing of the Franchise Agreement. This means that a prospective Bor Restoration franchisee must pay this fee when they officially sign the agreement to become a franchisee.
This is a fairly standard practice in franchising, where initial fees are often required upon signing the agreement. This payment covers the franchisee's access to and use of the proprietary BOR Software, which is presumably essential for managing and operating the Bor Restoration franchise. It is important to note that this fee is paid directly to Bor Restoration.
As noted in the FDD, fees payable to Bor Restoration are uniform, payable in one lump sum, and non-refundable (except as stated in Item 5). Therefore, a prospective franchisee should carefully consider their decision before signing the Franchise Agreement, as the $3,999 BOR Software fee will not be refunded if they later decide not to proceed with the franchise.