Does the Card My Yard general release cover demands?
Card_My_Yard Franchise · 2025 FDDAnswer from 2025 FDD Document
We will have the unrestricted
right to assign these options, and we or our assignee will be entitled to all customary warranties and representations in connection with the asset transfer, including, without limitation, representations and warranties as to ownership and condition of and title to assets; liens and encumbrances on assets; validity of contracts and agreements; and liabilities affecting the assets, contingent or otherwise; and a general release.
Source: Item 23 — RECEIPTS (FDD pages 84–259)
What This Means (2025 FDD)
According to the 2025 Card My Yard FDD, the general release provided by the franchisee covers demands under specific circumstances related to the asset transfer if Card My Yard exercises its option to acquire the assets of the business.
Specifically, if Card My Yard chooses to exercise its option to acquire the assets of the Card My Yard business, the franchisee will provide a general release as part of the asset transfer. This release is part of the customary warranties and representations related to the asset transfer.
This general release is connected to the asset transfer process if Card My Yard decides to purchase the franchisee's assets, and it is not a standard, ongoing release applicable to all aspects of the franchise relationship. The FDD specifies that the release is provided in connection with warranties and representations about the assets being transferred, including ownership, condition, and any liabilities affecting those assets.