When does the Card My Yard franchise agreement become effective?
Card_My_Yard Franchise · 2025 FDDAnswer from 2025 FDD Document
- E.
Opening Date.
You must operate your Card My Yard business from your home or otherwise locate and obtain an acceptable site for your Card My Yard business within fifty-five (55) days after the Effective Date of this Agreement, and you must open your Card My Yard business and commence operations within fifty-five (55) days after the Effective Date of this Agreement, unless you obtain a written extension of such time period from us.
You acknowledge that time is of the essence.
Before the Opening Date, you must complete all exterior and interior preparations for the Card My Yard business, including installation of equipment, fixtures, furnishings and signs, pursuant to the plans and specifications we have approved, and must comply with all other pre-opening obligations.
If you fail to comply with any of these obligations, we have the right to prohibit you from opening the Card My Yard business.
Your failure to timely open the Card My Yard business in compliance with these provisions will be deemed a material event of default under this Agreement.
IV. TERM AND RENEWAL
- A. Term. Unless sooner terminated as provided in this Agreement, the term of this Agreement will begin on the Effective Date and will continue until five (5) years from the Opening Date.
- B. Renewal. You may, at your option, renew your rights under this Agreement for up to three (3) additional terms of five (5) years each, subject to any or all of the following conditions which must, at our option, be met prior to and at the time of renewal:
Source: Item 23 — RECEIPTS (FDD pages 84–259)
What This Means (2025 FDD)
According to Card My Yard's 2025 Franchise Disclosure Document, the franchise agreement's term begins on the "Effective Date" and continues for five years from the "Opening Date," unless terminated earlier as per the agreement. The franchisee is required to operate their Card My Yard business from their home or secure an acceptable site within fifty-five (55) days after the Effective Date. They must also open the business and commence operations within the same 55-day timeframe, unless a written extension is granted by Card My Yard.
Time is considered of the essence, and before the Opening Date, the franchisee must complete all exterior and interior preparations, including the installation of equipment, fixtures, furnishings, and signs, according to Card My Yard's approved plans and specifications. Compliance with all pre-opening obligations is mandatory. Failure to meet these obligations gives Card My Yard the right to prevent the franchisee from opening the business.
Failing to open the Card My Yard business on time and in compliance with these provisions constitutes a material event of default under the agreement. Franchisees also have the option to renew their rights for up to three additional five-year terms, provided they meet certain conditions set by Card My Yard, including giving written notice of their intent to renew at least six months before the end of the initial term.