What does the Bor Restoration franchise agreement define as the 'Effective Date'?
Bor_Restoration Franchise · 2024 FDDAnswer from 2024 FDD Document
| This Collateral Assignment of Contact and Electronic Information (Agreement) is made as of the date that it is signed by all Parties (Effective Date) between BOR Franchising, LLC (Franchisor) and (Franchisee). Any capitalized term not | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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' is defined within the context of a Collateral Assignment of Contact and Electronic Information agreement. The document states that the effective date is 'the date that it is signed by all Parties'.
This means that the agreement between Bor Restoration and the franchisee becomes legally binding on the date when both parties have signed the document. This is a standard practice in franchising and contract law, as it provides a clear point of reference for when the obligations and rights outlined in the agreement come into effect.
Prospective Bor Restoration franchisees should pay close attention to the signing dates on all agreements, including the franchise agreement itself and any related documents like the Collateral Assignment of Contact and Electronic Information. The 'Effective Date' triggers various responsibilities and deadlines, so understanding this date is crucial for compliance and managing the franchise relationship.