What is the purpose of the franchisee providing their name in the Bor Restoration Closing Acknowledgement?

Based on the 2024 Franchise Disclosure Document, the franchisee provides their name in the Bor Restoration Closing Acknowledgement to acknowledge they have read and agree to the terms outlined in the franchise agreement addendum. This acknowledgement serves as a formal indication that the franchisee understands their rights and obligations under the agreement. The franchisee's signature, along with their printed name and the date, confirms their consent to be legally bound by the addendum's terms.

In the context of the State of Minnesota, the addendum specifically addresses requirements set by the Minnesota Commission of Securities, ensuring that the franchise agreement adheres to Minnesota Statutes, Chapter 80C. The franchisee's acknowledgement reinforces that no statement or agreement made during the commencement of the franchise relationship waives any claims under state franchise law, including fraud in the inducement, or disclaims reliance on statements made by the franchisor. This protects the franchisee's rights and remedies under Minnesota law.

For franchisees in general, the Closing Acknowledgement and related agreements, such as the Collateral Assignment of Contact and Electronic Information, ensure that both parties understand their obligations regarding contact information and electronic assets associated with the franchise. By signing these documents, the franchisee acknowledges Bor Restoration's rights to this information upon expiration, transfer, or termination of the franchise agreement. This process helps to avoid disputes and ensures a smooth transition of digital assets if the franchise relationship ends.