By what day of the month are all Business Note payments due to Chem Dry?
Chem_Dry Franchise · 2024 FDDAnswer from 2024 FDD Document
the highest rate allowed by applicable law, whichever is less.
All Business Note payments are due on or before the tenth day of each month. The Business Note must be issued and signed by the franchisee and its owners, officers, shareholders, or members as personal guarantors, if an entity. There is no prepayment penalty. The Business Note includes a waiver of defenses (or similar provisions).
If you do not make Business Note payments when due, CDI may accelerate the Note and demand immediate payment of the full outstanding principal amount plus accrued interest. CDI may also terminate the Franchise Agreement under Section 15 of the Franchise Agreement. A charge of $50.00 will be assessed for any installments returned unpaid. In the event of collection proceedings, CDI reserves the right to pursue costs associated with the collections, including court costs and attorney fees in accordance w
Source: Item 10 — FINANCING (FDD pages 35–37)
What This Means (2024 FDD)
According to Chem Dry's 2024 Franchise Disclosure Document, all Business Note payments are due on or before the tenth day of each month. Chem Dry requires franchisees to enroll in an automatic debit program for the payment of all fees and Business Note payments, which will be automatically deducted from the franchisee's bank account.
If a franchisee fails to make timely payments, Chem Dry may impose a late fee of 1.5% per month, or the highest rate allowed by applicable law, whichever is less. Additionally, Chem Dry has the right to accelerate the Business Note, demanding immediate payment of the full outstanding principal amount plus accrued interest.
Furthermore, failure to make Business Note payments when due can result in the termination of the Franchise Agreement under Section 15. A charge of $50.00 will be assessed for any installments returned unpaid. In the event of collection proceedings, Chem Dry reserves the right to pursue costs associated with the collections, including court costs and attorney fees in accordance with the Business Note and Section 17 of the Franchise Agreement.