Does the guarantor of a Chem Dry franchise waive notice of acceptance of the guaranty?

According to Chem Dry's 2024 Franchise Disclosure Document, the guarantor does waive notice of acceptance. Specifically, each guarantor waives acceptance and notice of acceptance by Chem Dry of their undertakings under the Guaranty. They also waive notice of demand for payment of any indebtedness or non-performance of any obligations guaranteed. The guarantor also waives protest and notice of default to any party with respect to the indebtedness or nonperformance of any obligations guaranteed, and any other notices to which he or she may be entitled.

This means that if you are a guarantor for a Chem Dry franchise, you are giving up your right to be formally notified that Chem Dry has accepted your guarantee. You are also waiving your right to be notified if the franchisee defaults on their obligations or fails to make payments. This is a significant commitment, as it means you could be held liable for the franchisee's debts without receiving prior notice.

This waiver is designed to streamline the process for Chem Dry in case of franchisee default. By waiving these notices, the guarantor makes it easier for Chem Dry to take action to recover any outstanding debts or enforce the franchise agreement. Prospective guarantors should fully understand the implications of this waiver and seek legal counsel before signing the guaranty agreement. It is important to assess the financial stability and business acumen of the franchisee before agreeing to guarantee their obligations to Chem Dry.