In the Chatime General Release, what is the specified currency for the consideration?
Chatime Franchise · 2025 FDDAnswer from 2025 FDD Document
UNDERSIGNED") for and in consideration of the sum of One Dollar ($1.00) paid to them by Chatime Franchise, LLC
Source: Item 23 — Receipts (FDD pages 58–262)
What This Means (2025 FDD)
According to Chatime's 2025 Franchise Disclosure Document, the General Release specifies the consideration as "One Dollar ($1.00)". This indicates that the currency for the consideration in the General Release is United States Dollars (USD).
In practical terms, this means that as part of the General Release, the franchisee acknowledges receiving one dollar from Chatime Franchise, LLC. This nominal sum, along with other valuable considerations, serves as the basis for the franchisee's release of any claims against Chatime.
The inclusion of a nominal sum like $1.00 is a common legal practice to demonstrate that there was an exchange of value, which helps to ensure the enforceability of the release. Franchisees should understand that by signing the General Release, they are waiving their rights to pursue legal action against Chatime, and this nominal consideration supports that waiver.