Where in the Bor Restoration franchise agreement is the term of the franchise defined?
Bor_Restoration Franchise · 2024 FDDAnswer from 2024 FDD Document
Franchise Disclosure Supplemental Agreements are amended accordingly.
| © 2024 All rights reserved BOR Franchising, LLC Gen 3-30-24 | 90 | ||
|---|---|---|---|
| Initials | Initials |
EXHIBIT 8 GUARANTY
| © 2024 All rights reserved BOR Franchising, LLC Gen 3-30-24 | 91 | ||
|---|---|---|---|
| Initials | Initials |
GUARANTY OF FRANCHISEE'S OBLIGATIONS
| This Guaranty of Franchisee's Obligations (Guaranty) is entered into as of the date that it is signed by all Parties (Effective Date) of this Guaranty, between BOR Franchising, LLC (Franchisor), (Franchisee) and , and (jointly and severally known as "Guarantor(s)"). Franchisor, Franchisee, and Guarantors may be referred to as a "Party" or as the "Parties." Any capitalized term not defined here will have the meaning given to it in the Franchise Agreement. |
|---|
| RECITALS |
| Franchisee signed a franchise agreement with Franchisor on the day of, 20 |
| (Franchise Agreement). |
| As an inducement to the Franchisor for granting the |
| franchise rights, the |
| Guarantor(s) agreed to fully guaranty the payment and performance of Franchisee under the Franchise |
| Agreement; |
Source: Item 23 — Receipts (FDD pages 40–202)
What This Means (2024 FDD)
I am unable to provide the specific location within the Bor Restoration franchise agreement where the term of the franchise is defined, based on the excerpts provided from the 2024 Franchise Disclosure Document. The excerpts do reference the "Term of the Franchise Agreement" within the context of the Guaranty of Franchisee's Obligations, indicating its importance. Additionally, the Collateral Assignment of Contact and Electronic Information mentions the expiration, transfer, or termination of the Franchise Agreement.
However, the actual section or article number in the franchise agreement that details the length of the initial franchise term, renewal options, and conditions for termination is not included in these excerpts.
A prospective Bor Restoration franchisee should carefully review the full franchise agreement and consult with a franchise attorney to fully understand the term of the franchise, renewal conditions, and termination policies. Direct inquiry to the franchisor for clarification on these specific sections would also be beneficial.