What is the Burneys Sweets More collection and interest charge for late payments?
Burneys_Sweets_More Franchise · 2025 FDDAnswer from 2025 FDD Document
| Name of Fee1 | Amount | Due Date | Remarks |
|---|---|---|---|
| Collection and Interest Charges | 10% or highest lawful rate if lower. | Immediately if payments not made when due. | This charge is in addition to other remedies such as late payment fees. |
Source: Item 6 — OTHER FEES (FDD pages 11–17)
What This Means (2025 FDD)
According to Burneys Sweets More's 2025 Franchise Disclosure Document, if a franchisee fails to make payments on time, they will incur a collection and interest charge. This charge will be 10% or the highest lawful rate if it is lower than 10%. This charge is applied immediately if payments are not made when due.
This collection and interest charge is in addition to any other remedies Burneys Sweets More might pursue for late payments, such as late payment fees. This means that franchisees need to be diligent in ensuring timely payments to avoid these additional costs.
Franchisees should be aware of the due dates for all payments and ensure they have sufficient funds available to avoid these charges. Understanding the specific terms and conditions related to payment deadlines and potential penalties is crucial for maintaining a healthy financial relationship with Burneys Sweets More.