On what date is the Bor Restoration General Release made?
Bor_Restoration Franchise · 2024 FDDAnswer from 2024 FDD Document
| This General Release (Release) is made on the date that all Parties sign it (Effective Date) between BOR Franchising, LLC, a Colorado limited liability company authorized to do business in Colorado (Franchisor), (Franchisee), and (Guarantor). Franchisor, Franchisee, and Guarantor may sometimes be referred to as a "Party" or jointly as the "Parties." All capitalized terms not defined in this Release will have the meaning stated in the Franchise Agreement. |
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Source: Item 23 — Receipts (FDD pages 40–202)
What This Means (2024 FDD)
According to Bor Restoration's 2024 Franchise Disclosure Document, the General Release is made on the date that all parties sign it, which is referred to as the Effective Date. The parties involved are BOR Franchising, LLC (the Franchisor), the Franchisee, and the Guarantor.
This means that the General Release, which involves the franchisee releasing Bor Restoration from certain claims, becomes legally binding once all required signatures are obtained. The specific date will vary depending on when all parties complete the signing process.
Prospective Bor Restoration franchisees should pay close attention to the terms of the General Release and ensure they fully understand their rights and obligations before signing. It is advisable to seek legal counsel to review the document and clarify any concerns.