What is the current Default Interest rate for late payments to Bor Restoration?
Bor_Restoration Franchise · 2024 FDDAnswer from 2024 FDD Document
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| TYPE OF FEE (Note 1) | AMOUNT | DUE DATE | REMARKS |
|---|---|---|---|
| Opening Package Consumables Replacement | As incurred. |
Source: Item 6 — Other Fees (FDD pages 10–15)
What This Means (2024 FDD)
According to Bor Restoration's 2024 Franchise Disclosure Document, the current default interest rate for late payments is 15% per annum, compounded monthly. This interest applies to late payments, underreported payments, or as otherwise described in the Franchise Agreement.
Bor Restoration retains the right to increase this interest rate, but they must provide franchisees with at least 60 days' prior written notice before any such increase. However, the interest rate will never violate the applicable laws of the franchisee's state.
For a prospective Bor Restoration franchisee, this means that failing to make timely payments can result in a significant financial penalty due to the high interest rate. It is important to ensure all payments are made on time to avoid incurring this default interest. Franchisees should also stay informed of any potential changes to the interest rate by carefully reviewing any notices from Bor Restoration.