What is the deadline for me and Card My Yard to select our respective appraisers?
Card_My_Yard Franchise · 2025 FDDAnswer from 2025 FDD Document
If we and you are unable to agree on the fair market value of the Card My Yard business' assets, or the fair rental value of theFranchise Location, such fair market value (or fair rental value) will be determined by three (3) independent appraisers who collectively will conduct one (1) appraisal.
We will appoint one appraiser, you will appoint one appraiser, and those appraisers will appoint the third appraiser.
You and we agree to select our respective appraisers within fifteen (15) days after the Notification Date, and we and you agree that we will instruct the two appraisers so chosen to appoint the third appraiser within fifteen (15) days after the date on which the last of our appointed appraisers is appointed.
You and we will each bear the cost of our own appraiser and share equally the fees and expenses of the third appraiser.
We and you agree that we will instruct the three (3) appraisers to complete their appraisal within thirty (30) days after the third appraiser's appointment.
Source: Item 23 — RECEIPTS (FDD pages 84–259)
What This Means (2025 FDD)
According to Card My Yard's 2025 Franchise Disclosure Document, if you and Card My Yard cannot agree on the fair market value of the business's assets or the fair rental value of the Franchise Location, the fair market value will be determined by three independent appraisers. You and Card My Yard each appoint one appraiser, and those two appraisers will then appoint the third appraiser.
The deadline for you and Card My Yard to select your respective appraisers is within fifteen (15) days after the Notification Date. The Notification Date is the date Card My Yard notifies you whether or not they are exercising their options.
After you and Card My Yard select your appraisers, you and Card My Yard agree to instruct the two appraisers to appoint the third appraiser within fifteen (15) days after the date on which the last of your appointed appraisers is appointed. Card My Yard also states that you and they will instruct the three appraisers to complete their appraisal within thirty (30) days after the third appraiser's appointment. You and Card My Yard will each bear the cost of your own appraiser and share equally the fees and expenses of the third appraiser.