What is the purpose of the 'Closing Acknowledgement' included as Exhibit 9 in the Bor Restoration FDD?
Bor_Restoration Franchise · 2024 FDDAnswer from 2024 FDD Document
The Acknowledgements found in Article 18 of the Franchise Agreement and the Closing Acknowledgement are deleted in Maryland.
IN WITNESS WHEREOF, each of the undersigned hereby acknowledges having read this Addendum and understands and consents to be bound by all of its terms.
IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date stated below.
BOR FRANCHISING, LLC its: its:
Source: Item 23 — Receipts (FDD pages 40–202)
What This Means (2024 FDD)
According to the 2024 Bor Restoration Franchise Disclosure Document, Exhibit 9 is titled "Closing Acknowledgements." The document indicates that franchisees are expected to review and sign this acknowledgement. This acknowledgement is part of Article 18, which generally covers acknowledgements related to the franchise agreement.
However, the FDD also states that for franchisees in Maryland, the Acknowledgements found in Article 18 of the Franchise Agreement and the Closing Acknowledgement are deleted. This means that franchisees in Maryland are not required to sign the Closing Acknowledgement, and it has no effect within that state. This addendum ensures compliance with Maryland franchise laws.
Prospective franchisees should carefully review Exhibit 9 and any state-specific addenda to understand their obligations and rights fully. It is advisable to seek legal counsel to clarify the implications of the Closing Acknowledgement and how it applies in their specific state, considering the exceptions for Maryland franchisees.