Who are the parties involved in the Bor Restoration General Release?
Bor_Restoration Franchise · 2024 FDDAnswer from 2024 FDD Document
| 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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Source: Item 23 — Receipts (FDD pages 40–202)
What This Means (2024 FDD)
According to Bor Restoration's 2024 Franchise Disclosure Document, the parties involved in the General Release include BOR Franchising, LLC, identified as the Franchisor, the Franchisee, and the Guarantor. The document specifies that these parties may be referred to individually as a "Party" or collectively as the "Parties."
The General Release is executed on the date when all parties involved affix their signatures, which is referred to as the Effective Date. The document clarifies that any capitalized terms not explicitly defined within the General Release will carry the meanings ascribed to them in the Franchise Agreement.
This agreement is put in place to release Bor Restoration from any claims related to the franchise agreement. It is signed by the franchisee and guarantor to induce the franchisor into taking some action related to the franchise agreement.