factual

Does Burros Fries require franchisees to provide copies of receipts and contracts with updated location information?

Burros_Fries Franchise · 2024 FDD

Answer from 2024 FDD Document

    1. Franchisee's profit and loss statement, payroll records, certification or records of Gross Revenue, vendor summary reports and report of account receivables for the week, day, month or period reported; and/or
    1. Copies of any and all receipts and contracts with updated location information in any format we specify;
    1. Copies of all invoices for purchases of all products, supplies and kitchen equipment;
    1. Copies of Franchisee's most recent sales tax return;
    1. Copies of all inspections for the Business from governmental agencies;
    1. Copies of all merchant account printouts received from the Franchisee's merchant account banking provider (i.e. records of credit and debit card transactions);
    1. Copies of all bank deposits, and bank deposit records made by the Franchisee; and
    1. A complete list of all guests and contact information (including but not limited to all: email addresses, physical addresses and telephone numbers) who have filed a complaint (internally, with governmental agencies or with third parties such as the Better Business Bureau) or sought any type of refund during the preceding month, by the fifth (5th) day of each month.

Franchisee acknowledges and agrees that we, at all times during the term of this Agreement and after termination, expiration or cancellation of this Agreement, have the right to access (electronically or otherwise) all Business Records of the Franchise Business. We may use, transfer, copy or analyze such Business Records as we determine in our sole discretion to be in the best interest of the System. For purposes of this Agreement, "Business Records" means all records, documents, insurance policies, databases and the like (whether in print, electronic or other form), including all names, addresses, phone numbers, email addresses, contracts, financing arrangements, vendor records and all other records contained in databases created and maintained by Franchisee pertaining to the operation of the Business, including but not limited to records of employees, guests, vendors and other professionals related to the Business.

Source: Item 22 — CONTRACTS (FDD page 53)

What This Means (2024 FDD)

According to Burros Fries's 2024 Franchise Disclosure Document, Burros Fries requires franchisees to provide copies of receipts and contracts with updated location information. As part of the agreement, Burros Fries retains the right to access all business records electronically or otherwise during the term of the agreement and even after termination or cancellation. These records can be used, transferred, copied, or analyzed at Burros Fries's discretion. Business Records include all records, documents, insurance policies, and databases, whether in print or electronic form. This encompasses names, addresses, phone numbers, email addresses, contracts, financing arrangements, vendor records, and other data related to the business's operation, including records of employees, guests, and vendors.

Specifically, franchisees must provide copies of receipts and contracts with updated location information in any format specified by Burros Fries. This requirement ensures that Burros Fries has access to current and accurate information regarding the franchisee's operations and financial status.

In addition to receipts and contracts, franchisees must also provide other documents such as profit and loss statements, payroll records, gross revenue certifications, vendor summary reports, accounts receivable reports, invoices for purchases, sales tax returns, inspection reports from governmental agencies, merchant account printouts, bank deposits, and a list of guests who have filed complaints or sought refunds. This comprehensive access to business records allows Burros Fries to monitor the franchisee's compliance with the franchise agreement and maintain the integrity of the Burros Fries system.

Disclaimer: This information is extracted from the 2024 Franchise Disclosure Document and is provided for research purposes only. It does not constitute legal or financial advice. Consult with a franchise attorney before making any investment decisions.