Who are considered 'Released Parties' in the Chocolate Fish Coffee General Release?
Chocolate_Fish_Coffee Franchise · 2024 FDDAnswer from 2024 FDD Document
Attachment 5 to Franchise Agreement
FORM OF GENERAL RELEASE
[This is our current standard form of General Release. This document is not signed when you purchase a franchise. In circumstances such as a renewal of your franchise or as a condition of our approval of a sale of your franchise, we may require you to sign a general release.]
This General Release ("Release") is executed by the undersigned ("Releasor") in favor of Chocolate Fish Franchising, LLC, a Wyoming Limited Liability Company ("Chocolate Fish Franchising").
Background Statement: [describe circumstances of Release]
Releasor agrees as follows:
- **1.
Source: Item 23 — RECEIPTS (FDD pages 41–119)
What This Means (2024 FDD)
According to the 2024 Franchise Disclosure Document, the General Release for Chocolate Fish Coffee defines the 'Releasor' as the party executing the release in favor of Chocolate Fish Franchising, LLC. This means that the franchisee, under certain circumstances such as a franchise renewal or the approval of a franchise sale, may be required to sign a General Release, thereby becoming the 'Releasor'.
The General Release is a standard form used by Chocolate Fish Coffee, but it is not signed when initially purchasing a franchise. The document indicates that circumstances such as a renewal of your franchise or as a condition of their approval of a sale of your franchise, Chocolate Fish Coffee may require a franchisee to sign a general release.
This release signifies an agreement by the franchisee to relinquish certain rights or claims against Chocolate Fish Coffee. Franchisees should carefully review the terms of any General Release with legal counsel to fully understand its implications before signing. The specific circumstances prompting the release are to be described in the Background Statement of the release document.