What rate of interest applies to overdue interest payments owed to Bumble Roofing?
Bumble_Roofing Franchise · 2025 FDDAnswer from 2025 FDD Document
The acceptance of any interest payment shall not be construed as a waiver by Franchisor of its rights in respect of the default giving rise to such payment and shall be without prejudice to Franchisor's right to terminate this Agreement in respect of such default.
Source: Item 22 — CONTRACTS (FDD page 53)
What This Means (2025 FDD)
Based on the 2025 Franchise Disclosure Document, the excerpts provided do not specify the interest rate that Bumble Roofing charges on overdue interest payments. The document does mention interest payments in the context of accepting payments without waiving rights related to a default. It also discusses termination fees and conditions for renewing the franchise agreement, but it does not include the specific interest rate applicable to overdue amounts.
A prospective Bumble Roofing franchisee should carefully review the Franchise Agreement and related exhibits to understand all financial obligations, including any late payment penalties or interest charges. Since the FDD does not explicitly state the interest rate on overdue payments, it is essential to clarify this point with Bumble Roofing before signing the agreement.
To gain a comprehensive understanding, a potential franchisee should ask Bumble Roofing about the following: the exact interest rate applied to overdue payments, the conditions under which interest is charged, and whether there are any grace periods before interest accrues. Understanding these terms is crucial for managing finances and avoiding unexpected costs during the franchise term.