factual

Who is bound by the provisions of the assignment agreement with Chem Dry?

Q: Who is bound by the provisions of the assignment agreement with Chem Dry?

- 9. **Binding Agreements**: This Assignment and all provisions hereof shall be binding upon the Franchisor and the Franchisee, their successors, assigns and legal representatives and all other persons or entities claiming under them or through them, or either of them, and the words "Franchisor" and "Franchisee" when used herein shall include all such persons and entities and any others liable for payment of amounts under the Lease or the Franchise Agreement. All individuals executing on behalf of corporate entities hereby represent and warrant that such execution has been duly authorized by all necessary corporate and shareholder authorizations and approvals. Source: Item 22 — CONTRACTS (FDD page 68)

Chem_Dry Franchise · 2024 FDD

Answer from 2024 FDD Document

1. Binding Agreements: This Assignment and all provisions hereof shall be binding upon the Franchisor and the Franchisee, their successors, assigns and legal representatives and all other persons or entities claiming under them or through them, or either of them, and the words "Franchisor" and "Franchisee" when used herein shall include all such persons and entities and any others liable for payment of amounts under the Lease or the Franchise Agreement.

All individuals executing on behalf of corporate entities hereby represent and warrant that such execution has been duly authorized by all necessary corporate and shareholder authorizations and approvals.

Source: Item 22 — CONTRACTS (FDD page 68)

What This Means (2024 FDD)

According to Chem Dry's 2024 Franchise Disclosure Document, the assignment agreement is binding upon the franchisor and the franchisee. This extends to their successors, assigns, legal representatives, and any other individuals or entities claiming under them or through them. The terms 'Franchisor' and 'Franchisee' include all such persons and entities, as well as anyone liable for payments under the lease or the Franchise Agreement.

This means that not only are Chem Dry and the franchisee directly bound, but also any party that inherits their rights or obligations, such as heirs, companies they might sell the franchise to, or legal representatives managing their affairs. This ensures that the terms of the assignment agreement remain enforceable even if the original parties are no longer directly involved.

This clause aims to provide Chem Dry with a comprehensive level of protection and recourse in case of defaults or breaches, ensuring that all involved parties are aware of and subject to the agreement's provisions. It also clarifies that individuals signing on behalf of corporate entities confirm they have the necessary authorization to do so, further solidifying the agreement's legal standing.

Disclaimer: This information is extracted from the 2024 Franchise Disclosure Document and is provided for research purposes only. It does not constitute legal or financial advice. Consult with a franchise attorney before making any investment decisions.

All Chem_Dry 2024 FAQs Ask FDD Ninja