What is the significance of the Bor Restoration franchisee providing their address in the Closing Acknowledgement?
Bor_Restoration Franchise · 2024 FDDAnswer from 2024 FDD Document
thereto, the terms of this Addendum will govern. g. No statement, questionnaire, or acknowledgment signed or agreed to by a franchisee in connection with the commencement of the franchise relationship shall have the effect of (i) waiving any claims under any applicable state franchise law, including fraud in the inducement, or (ii) disclaiming reliance on any statement made by any franchisor, franchise seller, or other person acting on behalf of the franchisor. This provision supersedes any other term of any document executed in connection with the franchise. h. 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.
Source: Item 23 — Receipts (FDD pages 40–202)
What This Means (2024 FDD)
Based on the 2024 Bor Restoration Franchise Disclosure Document, the significance of the franchisee providing their address in the Closing Acknowledgement cannot be determined from the provided excerpts. While the excerpts discuss acknowledgements and addenda to the franchise agreement, particularly in the context of Maryland, Minnesota, and Virginia state laws, they do not specify the inclusion or purpose of a franchisee's address within the Closing Acknowledgement. The excerpts focus on legal considerations, such as the franchisee's rights, waivers, and the franchisor's rights to contact information upon termination or transfer of the franchise agreement.
Specifically, the excerpts detail that acknowledgements in Article 18 of the Franchise Agreement and the Closing Acknowledgement are deleted in Maryland. For Minnesota, the excerpts emphasize the franchisee's rights under Minnesota Statutes, Chapter 80C, ensuring that no statement or acknowledgement waives these rights or disclaims reliance on franchisor statements. Additionally, the excerpts include a Collateral Assignment of Contact and Electronic Information agreement, outlining the franchisor's rights to the franchisee's business-related contact information upon expiration, transfer, or termination of the franchise agreement.
However, none of these excerpts explicitly mention the requirement or importance of the franchisee providing their address in the Closing Acknowledgement. A prospective Bor Restoration franchisee should directly ask the franchisor about the specific purpose and legal implications of providing their address in the Closing Acknowledgement to fully understand this requirement.