What is the subject of Section 2.03 in the Checkersrallys Restaurant Development Agreement?
Checkersrallys Franchise · 2025 FDDAnswer from 2025 FDD Document
2.03 Development Obligations. You agree to exert your best efforts to fully develop the market potential for Restaurants in the Development Area. Without limiting the foregoing, you agree to open and operate in the Development Area, in accordance with and pursuant to Franchise Agreements, those cumulative numbers of Restaurants set forth in Section 3(a) of Exhibit A by the corresponding dates set forth therein and to achieve those cumulative numbers in accordance with the timelines set forth in Section 3(b) of Exhibit A (those dates and timelines collectively referred to herein as the "Development Schedule"). Time is of the essence in this Agreement, and we have no obligation under any circumstances to extend any of the dates or timelines in the Development Schedule.
Source: Item 23 — RECEIPTS (FDD pages 92–384)
What This Means (2025 FDD)
According to Checkersrallys's 2025 Franchise Disclosure Document, Section 2.03 of the Restaurant Development Agreement pertains to the franchisee's development obligations within their designated area. It emphasizes the franchisee's commitment to fully developing the market potential for Checkersrallys restaurants in the Development Area.
The agreement requires the franchisee to open and operate a specific number of restaurants, as detailed in Section 3(a) of Exhibit A, by the dates outlined in the Development Schedule, found in Section 3(b) of Exhibit A. These cumulative numbers must be achieved according to the timelines set forth in the Development Schedule.
The agreement stresses that time is of the essence, meaning that Checkersrallys is not obligated to extend any dates or timelines specified in the Development Schedule under any circumstances. This underscores the importance of adhering to the agreed-upon development plan and schedule.