What is the effective date of the Guaranty and Assumption of Obligations for Canine Dimensions?
Canine_Dimensions Franchise · 2025 FDDAnswer from 2025 FDD Document
| THIS GUARANTY AND ASSUMPTION OF OBLIGATIONS is given this day of, 20, by the following individuals: |
|---|
| In consideration of, and as an inducement to, the execution of that certain Franchise Agreement |
| (the "Agreement") on this date by Canine Dimensions Franchising, LLC ("us", "we", or "our"), each of the |
| undersigned personally and unconditionally (a) guarantees to us and our successors and assigns, for the |
| term of the Agreement and afterward as provided in the Agreement, that |
| ("Franchisee") will punctually pay and perform each and every undertaking, agreement and covenant set |
| forth in the Agreement and (b) agrees to be personally bound by, and personally liable for the breach of, |
| each and every provision in the Agreement, both monetary obligations and obligations t |
Source: Item 22 — CONTRACTS (FDD page 36)
What This Means (2025 FDD)
According to Canine Dimensions' 2025 Franchise Disclosure Document, the Guaranty and Assumption of Obligations is effective as of the day it is given. The specific date is to be filled in by the relevant parties involved in the agreement. This date will be the one indicated on the physical document.
This agreement is made by individuals who are guaranteeing the franchisee's performance of the Franchise Agreement. These individuals agree to be personally bound by the terms of the agreement, including both monetary and non-monetary obligations. This means that if the franchisee fails to meet their obligations under the Franchise Agreement, the guarantors will be held responsible.
As a prospective franchisee, it is important to understand the implications of the Guaranty and Assumption of Obligations. If you are required to have someone guarantee your performance, make sure they understand the full extent of their obligations. It is also important to ensure that the date on the guaranty matches the date of the Franchise Agreement to avoid any confusion or disputes later on.