Can the Bor Restoration General Release be modified after the Effective Date?
Bor_Restoration Franchise · 2024 FDDAnswer from 2024 FDD Document
-|------| | SOCIAL SECURITY | | | NO.: | | | ADDRESS: | | | DRIVER'S LICENSE | | | STATE AND NO.: | | | GENDER: | |
© 2024 All rights reserved BOR Franchising, LLC Gen 3-30-24 ____________ ___________ Initials Initials
EXHIBIT 4 GENERAL RELEASE
| © 2024 All rights reserved BOR Franchising, LLC Gen 3-30-24 | 68 | ||
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| Initials | Initials |
GENERAL RELEASE
| 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 the 2024 Bor Restoration Franchise Disclosure Document, the standard General Release cannot be modified after the Effective Date, except in Maryland. The General Release is executed on the date that all parties (BOR Franchising, LLC as Franchisor, the Franchisee, and the Guarantor) sign it, which establishes the Effective Date.
In Maryland, an addendum to the franchise agreement specifies that its terms will govern if there are inconsistencies with the standard Franchise Agreement or its exhibits, which suggests modifications are possible within that state. This addendum ensures that franchisees in Maryland retain certain rights and protections under Maryland franchise law, notwithstanding the general release.
Prospective Bor Restoration franchisees should be aware that the General Release is a significant legal document. It releases Bor Restoration from various claims, including those related to the Franchise Disclosure Document and the franchise relationship. Franchisees should carefully review the terms of the release with legal counsel to understand its implications fully. Franchisees in Maryland should pay close attention to the addendum to understand how their rights may differ from those in other states.