factual

What is the purpose of the 'GENERAL QUESTIONS' section in the Bor Restoration Closing Acknowledgement?

Bor_Restoration Franchise · 2024 FDD

Answer from 2024 FDD Document

  1. If your answer to question 25 is "yes", please provide the following information a. b. c. d. e. Date of filing: Date of discharge: Location of filing (state): The filing/action number of the filing: Parties to the filing: 27. Please provide on a separate sheet any other information you think may be relevant to your financial status. I CERTIFY THAT THE INFORMATION PROVIDED IN THIS CONFIDENTIAL QUESTIONNAIRE IS TRUE AND ACCURATE TO THE BEST OF MY KNOWLEDGE. I FURTHER AGREE THAT BY SIGNING BELOW, I AGREE THAT SHOULD THE ANSWER TO ANY QUESTION CHANGE, CONDITION CHANGE IN ANY M OR SHOULD MY FINANCIAL ATERIAL WAY THAT I WILL NOTIFY BOR FRANCHISING, LLC WITH A WRITTEN UPDATE. Signature Print Name: Date:

CREDIT AND CRIMINAL BACKGROUND CHECK RELEASE FORM

I understand that an initial and ongoing credit and criminal background check is a condition of being considered if I am to purchase a franchise from BOR Franchising, LLC Group, LLC. (BOR Franchising, LLC)

I consent to BOR Franchising, LLC obtaining my criminal conviction history from any law enforcement agency, criminal background service provider, municipality, state, and/or the FBI. I understand that BOR Franchising, LLC will obtain this information at the time I apply to become a franchisee and during the term of my franchise agreement. The criminal history record, as received from the reporting entity may include arrest and conviction data, plea bargains, deferred adjudication, as well as social security verification. It may also include information regarding driving history. I understand that I will have a limited opportunity to review the criminal history and a process is available for clarification if I dispute the record as received.

I further consent to BOR Franchising, LLC obtaining my credit history from all three credit reporting agencies. I understand that BOR Franchising, LLC will obtain this information at the time I apply to become a franchisee and during the term of my franchise agreement.

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 a 'confidential questionnaire' that requires the franchisee candidate to provide information regarding their financial status. This questionnaire asks specific questions, and if the answer to question 25 is 'yes', the franchisee must provide additional details such as the date of filing, date of discharge, location of filing, the filing/action number, and the parties involved in the filing. The franchisee must also provide any other information they think may be relevant to their financial status on a separate sheet.

The franchisee must certify that the information provided in the confidential questionnaire is true and accurate to the best of their knowledge. By signing the document, the franchisee agrees to notify Bor Restoration with a written update should the answer to any question or any condition change in any material way, or should their financial status change in any material way.

Bor Restoration also requires an initial and ongoing credit and criminal background check as a condition of being considered for a franchise. The franchisee candidate consents to Bor Restoration obtaining their criminal conviction history from any law enforcement agency, criminal background service provider, municipality, state, and/or the FBI. This information will be obtained at the time of application and during the term of the franchise agreement. The franchisee will have a limited opportunity to review the criminal history and a process is available for clarification if they dispute the record as received.

Furthermore, the franchisee consents to Bor Restoration obtaining their credit history from all three credit reporting agencies at the time of application and during the term of the franchise agreement. This comprehensive background check and financial disclosure process is typical in franchising, as it allows the franchisor to assess the franchisee's suitability and financial stability.

Disclaimer: This information is extracted from the 2024 Franchise Disclosure Document and is provided for research purposes only. It does not constitute legal or financial advice. Consult with a franchise attorney before making any investment decisions.