What must a Bor Restoration franchisee do to notify Bor Restoration of a Proposed Transfer offer?
Bor_Restoration Franchise · 2024 FDDAnswer from 2024 FDD Document
i. you will notify us of a Proposed Transfer by sending written notice to us and enclosing a copy of the written offer from the Proposed Transferee;
ii. you will also notify the Proposed Transferee of our rights to review and consent to the Proposed Transfer;
iii. you must be in Compliance with this Franchise Agreement and not be in default at the time you request the transfer;
iv. all accounts payable and other monetary obligations to any Affiliate or us must be paid in full;
v. you must have timely submitted all required reports, financial statements, and other documents;
vi. the terms and conditions of the Proposed Transfer must be provided in writing to us;
Source: Item 23 — Receipts (FDD pages 40–202)
What This Means (2024 FDD)
According to Bor Restoration's 2024 Franchise Disclosure Document, a franchisee must provide written notice to Bor Restoration when proposing a transfer of their franchise. This notice must include a copy of the written offer from the proposed transferee.
Additionally, the franchisee is responsible for informing the proposed transferee of Bor Restoration's rights to review and consent to the transfer. The franchisee must be in compliance with the Franchise Agreement and not be in default at the time of the transfer request. All accounts payable and other monetary obligations to Bor Restoration or its affiliates must be paid in full, and all required reports, financial statements, and other documents must be submitted on time.
The terms and conditions of the proposed transfer must be provided in writing to Bor Restoration. This ensures that Bor Restoration has all the necessary information to make an informed decision about the transfer. These stipulations are typical in franchising, as the franchisor needs to maintain brand standards and ensure the financial stability of its franchisees.