When are Royalty and other fees due to Bor Restoration?
Bor_Restoration Franchise · 2024 FDDAnswer from 2024 FDD Document
- a. The Royalty and all other fees due to us are paid monthly and will be delivered to us by such means as we may determine from time to time (including the delivery through an ACH transaction) on or before the 16th day of the month that follows the month for which the Royalties and other fees were calculated (Due Date). All such fees will be deposited into your operating account no later than 3:00 p.m. Mountain Time by the 15th day of the month following the end of the prior month, but if the 16th day falls on a Saturday, Sunday or federal or state holiday, the Royalty will be due on the next business day.
- b. We have the right to change the collection method of the Royalties and any other fees at any time after giving you reasonable notice. If we decide to use the ACH method, you will, no later than ten days after receiving notice from us, execute an authorization agreement for ACH transactions from your account to our account in the form that your bank may require.
- c. No later than the 10th day of the month following the month in which the Royalty is due, you will report to us by such means as we direct any information we may require (and using forms we require) to calculate your Royalty and for any other purpose.
- d. You agree to record all sales on your Tablet. You agree to retain all computer records, charge account records, sales slips, orders, return vouchers, sales tax reports, and all of your other business
Source: Item 23 — Receipts (FDD pages 40–202)
What This Means (2024 FDD)
According to Bor Restoration's 2024 Franchise Disclosure Document, Royalty fees and all other fees are due monthly. These payments must be delivered to Bor Restoration via a method they determine, such as an ACH transaction, on or before the 16th day of the month following the month for which the royalties and other fees were calculated. This due date is referred to as the 'Due Date'.
To ensure timely payment, franchisees must deposit all fees into their operating account no later than 3:00 p.m. Mountain Time on the 15th day of the month following the end of the prior month. However, if the 16th day falls on a Saturday, Sunday, or a federal or state holiday, the royalty payment is due on the next business day. Bor Restoration retains the right to modify the collection method for royalties and other fees, provided they give reasonable notice to the franchisee.
Furthermore, franchisees are required to report information necessary for calculating royalties and other fees to Bor Restoration by the 10th day of the month following the month in which the royalty is due. This information must be submitted in the format and through the means directed by Bor Restoration. Franchisees must also maintain accurate records of all sales on their tablet and retain all relevant business records, including computer records, sales slips, and tax reports.