Is Budget required to provide notice of the approaching expiration of any term?

According to the 2025 Budget Franchise Disclosure Document, Budget is required to provide the franchisee with notice of the approaching expiration of any term. The initial term of the agreement commences on the effective date and continues until the expiration date, which is identified in Section 8 of the Summary Pages.

The agreement may be renewed for successive five-year terms if certain conditions are met at least 30 days before the expiration of the current term. These conditions include the franchisee not being in default, having the same beneficial owners, signing the current form of the license agreement, upgrading the rental business to current system standards, and signing a general release of claims against Budget.

Budget's obligation to provide notice sufficiently in advance of the expiration date aims to allow the franchisee adequate time to comply with the renewal provisions. This proactive notification helps ensure that franchisees are aware of the approaching deadline and have the opportunity to meet the requirements for renewal, thus maintaining their franchise operations without interruption.