What is the definition of the 'Hard Closing Date' in the Brightstar Care Assignment and Consent Agreement?
Brightstar_Care Franchise · 2025 FDDAnswer from 2025 FDD Document
NOW, THEREFORE, in exchange for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
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- Assignment and Assumption. As of the Hard Closing Date (as defined in #3), Assignor assigns to Assignee all right, title and interest in and to the Franchised Business, including the franchise rights for the Franchised Business. Assignee unconditionally assumes and accepts the Assignment of the Franchised Business, including the franchise rights for the Franchised Business, and agrees to be bound by all duties, obligations, and liabilities of the Assignor related thereto.
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- Signing of Current Form of Franchise Agreement. As a condition of Franchisor's consent to the Assignment, Assignee agrees to sign Franchisor's then-current form of franchise agreement (the "New Franchise Agreement") and the First Addendum to BrightStar Franchising, LLC Agency Franchise Agreement (the "First Addendum"). Assignee acknowledges that the terms and conditions of the New Franchise Agreement may be different from the terms and conditions
Source: Item 23 — RECEIPTS (FDD pages 118–387)
What This Means (2025 FDD)
According to Brightstar Care's 2025 Franchise Disclosure Document, the Hard Closing Date is the date on which the assignor transfers all rights, titles, and interests in the franchised business to the assignee. This transfer includes the franchise rights for the Brightstar Care business. On this date, the assignee assumes all responsibilities, obligations, and liabilities related to the franchise.
For a prospective Brightstar Care franchisee, the Hard Closing Date is a critical point in the assignment process. It signifies the official transfer of ownership and responsibilities. The assignee must be prepared to take over the business operations and ensure compliance with the franchise agreement from this date forward.
Prior to this date, the assignee must sign Brightstar Care's current franchise agreement and the First Addendum. The assignee needs to deliver two signed copies of the new franchise agreement and the First Addendum, along with three executed copies of the Assignment and Consent Agreement, to Brightstar Care immediately following the execution date. This ensures that all parties are in agreement and that the necessary paperwork is completed for a smooth transition.