Does Bor Restoration specify any penalties for late payment of the Royalty fee?
Bor_Restoration Franchise · 2024 FDDAnswer from 2024 FDD Document
ten notice.
Default interest is payable on late payments, underreported payments, or as otherwise described in the Franchise Agreement. We may increase the interest rate by any amount after giving you no less than 60 days' prior written notice, except that the rate will never violate the Applicable Laws of your state.
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- If your state assesses them, and except for our income taxes, you will reimburse us for all taxes we pay for products or services we furnish you, or on our collection of the IFF, the Royalties advertising contributions, or other fees. We will give you written notice if such a tax is levied and provide commercially reasonable proof of the tax calculation.
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- If you fail to get the insurance required for the Business'
Source: Item 6 — Other Fees (FDD pages 10–15)
What This Means (2024 FDD)
According to Bor Restoration's 2024 Franchise Disclosure Document, there are penalties for late payments. Specifically, Default interest is payable on late payments, underreported payments, or as otherwise described in the Franchise Agreement. Bor Restoration retains the right to increase the interest rate, providing no less than 60 days' prior written notice, but the rate will never violate the Applicable Laws of your state.
In addition to default interest, Bor Restoration may also charge a Late Fee if the Royalty National Branding Fee is not paid on time due to under-reporting or another breach for which the fee can be collected. This Late Fee applies to each separate fee that is paid late. Bor Restoration may increase this fee, providing no less than 60 days' prior written notice.
It is important for prospective Bor Restoration franchisees to understand these potential penalties for late payments and to ensure timely and accurate reporting to avoid incurring these additional costs. Franchisees should consult the Franchise Agreement for a complete description of the conditions that trigger default interest and late fees.