What specific information is covered in the Guaranty of Performance for the Chem Dry franchise?

According to the 2024 Chem Dry Franchise Disclosure Document, if the franchisee is a corporation, limited liability company, partnership, or other entity, each owner, member, shareholder, partner, or officer must personally guarantee the obligations under the Franchise Agreement. This includes agreeing to be bound by every contractual provision, whether containing monetary or non-monetary obligations, including the covenant not to compete.

This "Guaranty and Assumption of Obligations" is included as Exhibit B of the Franchise Agreement. This means that individuals associated with the business entity are held personally responsible for the Chem Dry franchise's performance and adherence to the franchise agreement terms.

For a prospective Chem Dry franchisee, this implies that forming a business entity does not shield the owners from personal liability regarding the franchise's obligations. The franchisor, Chem Dry, seeks assurance that individuals with a vested interest in the franchise are fully committed and accountable for its success and compliance.