What is the 'Effective Date' for the Bor Restoration General Release?
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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| RECITALS |
Source: Item 23 — Receipts (FDD pages 40–202)
What This Means (2024 FDD)
According to Bor Restoration's 2024 Franchise Disclosure Document, the Effective Date for the General Release is defined as the date when all parties involved sign the release. These parties include BOR Franchising, LLC (the Franchisor), the Franchisee, and the Guarantor. The document specifies that these parties may be referred to individually as a "Party" or collectively as the "Parties."
This means that the General Release becomes legally binding once all required signatures are obtained from each party. This is a common practice in franchising to ensure that all parties are in agreement before the release takes effect.
Prospective Bor Restoration franchisees should pay close attention to the date they and other parties sign the General Release, as this date marks the commencement of the release's legal effect. It is important to fully understand the implications of the General Release before signing, as it can impact the franchisee's rights and obligations.