What is the purpose of the franchisee's initials in the Bor Restoration Closing Acknowledgement?
Bor_Restoration Franchise · 2024 FDDAnswer from 2024 FDD Document
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:
__________________ ______________ Initials Initials
Source: Item 23 — Receipts (FDD pages 40–202)
What This Means (2024 FDD)
According to Bor Restoration's 2024 Franchise Disclosure Document, the document includes signature lines for both Bor Franchising, LLC and the individual franchisee, along with spaces for initials. The inclusion of initials, along with the signatures, serves as an acknowledgement that both parties have read, understood, and agreed to the terms outlined in the addendum or agreement.
For a prospective Bor Restoration franchisee, initialing the Closing Acknowledgement signifies their understanding and consent to be bound by the agreement's terms. This step is a formal part of the agreement process, confirming that the franchisee has reviewed and accepted the obligations and responsibilities detailed within the document.
It's important to note that in Maryland, acknowledgements found in Article 18 of the Franchise Agreement and the Closing Acknowledgement are deleted, meaning this initialing process would not apply in that state. Franchisees should carefully review all documents and understand the implications of each clause before signing and initialing.