Is there a specific location where the Bor Restoration General Release must be signed?
Bor_Restoration Franchise · 2024 FDDAnswer from 2024 FDD Document
-|------| | SOCIAL SECURITY | | | NO.: | | | ADDRESS: | | | DRIVER'S LICENSE | | | STATE AND NO.: | | | GENDER: | |
© 2024 All rights reserved BOR Franchising, LLC Gen 3-30-24 ____________ ___________ Initials Initials
EXHIBIT 4 GENERAL RELEASE
| © 2024 All rights reserved BOR Franchising, LLC Gen 3-30-24 | 68 | ||
|---|---|---|---|
| Initials | Initials |
GENERAL RELEASE
| This General Release (Release) is made on the date that all Parties sign it (Effective Date) between BOR Franchising, LLC, a Colorado limited liability company authorized to do business in Colorado (Franchisor), (Franchisee), and (Guarantor). Franchisor, Franchisee, and Guarantor may sometimes be referred to as a "Party" or jointly as the "Parties." All capitalized terms not defined in this Release will have the meaning stated in the Franchise Agreement. |
|---|
| RECITALS |
| Franchisor and Franchisee entered into that certain franchise agreement dated |
| (Franchise Agreement), and Guarantor guaranteed the performance of the Franchisee under the Franchise |
| Agreement. Franchisee desires |
| to take some action (or make some amendment) to the Franchise Agreement |
| or desires for the Franchisor to take any action for which a General Release is called for in the Franchise |
| Agreement |
| or is required by Franchisor as part of such action, |
| and |
| as a material inducement to the |
| Franchisor approving the same, Franchisee and Guarantor have each agreed to provide this Release. |
| NOW, THEREFORE, for and in consideration of the mutual covenants found herein, for that |
| consideration stated below, and for other good and valuable consideration, the adequacy of which is |
| admitted by all Parties |
| hereto, each of the Guarantors personally and unconditionally agrees as follows: |
| COVENANTS |
| 1. |
| Franchisee, for and on behalf of itself, its officers, directors, shareholders, and employees, |
| and on behalf of any parent corporation or subsidiary, business entity, successor, assignee, and their |
| officers, directors, shareholders, and employees, (Franchisee Parties) and Guarantor for himself or herself |
| and for and on behalf of its family members and for and in consideration of: the Franchisor granting to the |
| Franchisee the right to do the following;; and for |
| other good and valuable consideration, all of which is deemed adequate by all Parties hereto, do each |
| (personally, jointly and severally) from the beginning of time to the Effective Date of this Release, release, |
| indemnify, and forever forgive and discharge Franchisor and the Franchisor Parties from all |
| known or |
| unknown, liquidated or unliquidated, fixed, direct or indirect, foreseeable or unforeseeable, matured or |
| unmatured, absolute |
| or contingent, determined or determinable, |
| equitable or legal claims; claims sounding |
| in Applicable Law; causes of action; complaints; direct, indirect, punitive or consequential damages; |
| judgments; business losses; |
Source: Item 23 — Receipts (FDD pages 40–202)
What This Means (2024 FDD)
According to Bor Restoration's 2024 Franchise Disclosure Document, the General Release is made on the date that all parties sign it, referred to as the Effective Date. The parties involved are BOR Franchising, LLC (Franchisor), the Franchisee, and the Guarantor.
The document does not specify a particular location where the General Release must be signed. It indicates that the release is agreed upon between the involved parties, suggesting that the signing location is not fixed but rather determined by mutual agreement.
However, a specific addendum for the state of Maryland indicates that franchisees in Maryland have specific rights and protections under the Maryland Franchise Registration and Disclosure Law. This addendum clarifies that certain covenants, releases, and waivers do not apply to liability under Maryland franchise law, and franchisees may bring lawsuits in Maryland for claims under this law within three years of the franchise grant. This addendum supersedes any other term of any document executed.