What fee does Bor Restoration charge for late reports?

According to Bor Restoration's 2024 Franchise Disclosure Document, if a franchisee fails to deliver any required records in a timely manner, Bor Restoration has the right to collect the then-current Report Late Fee for each late report, in addition to any other rights they may have. Bor Restoration can increase this fee at any time, provided they give no less than 60 days' prior written notice.

In addition to the late report fee, if a Bor Restoration franchisee fails to timely pay any Royalties or other fees due under the Franchise Agreement, underreports Gross Sales, or commits another breach for which the fee can be collected, they will also pay the then-current Late Fee for each separate violation plus Default Interest. This will be automatically assessed and debited or paid along with the amount due to Bor Restoration.

It is important for prospective Bor Restoration franchisees to understand these potential fees and ensure they have systems in place to submit all required reports and payments on time to avoid incurring these additional costs. Franchisees should inquire about the current amount of the Report Late Fee and Late Fee during their due diligence process.