What is the due date for the 1% of gross sales payment for Chocolate Fish Coffee?
Chocolate_Fish_Coffee Franchise · 2024 FDDAnswer from 2024 FDD Document
m 6 OTHER FEES**
| Type of Fee | Amount | Due Date | Remarks |
|---|---|---|---|
| 6% of your gross | Weekly, on | See Note 1 and Note 2. | |
| sales | Wednesday | ||
| 1% of your gross | See Item 11 for a detailed discussion | ||
| sales | about these funds. |
Source: Item 6 — OTHER FEES (FDD pages 10–13)
What This Means (2024 FDD)
According to Chocolate Fish Coffee's 2024 Franchise Disclosure Document, the due date for the 1% of gross sales payment is not explicitly stated in Item 6. However, the document mentions that amounts due will be withdrawn by electronic wire transfer from your designated bank account.
While the FDD does not specify the exact due date for the 1% of gross sales, it does provide information on other fees and their respective due dates. For instance, the 6% of gross sales is due weekly on Wednesday. There are also fees for non-compliance, late payments, audits, and other specific situations, each with its own due date and conditions.
Prospective franchisees should inquire with Chocolate Fish Coffee about the specific due date and payment schedule for the 1% of gross sales. Understanding the timing of this payment is crucial for managing cash flow and ensuring compliance with the franchise agreement. Additionally, franchisees should clarify the procedures for electronic wire transfers and any potential alternative payment methods.