Does the Chocolate Fish Coffee Franchise Agreement include a Guaranty?

According to the 2024 Chocolate Fish Coffee Franchise Disclosure Document, the Franchise Agreement includes a guaranty. If the franchisee is an entity, each owner must sign a personal guaranty of the franchisee's obligations to Chocolate Fish Franchising, as detailed in Attachment 3 of the agreement.

The guarantor unconditionally guarantees that the franchisee will fulfill every commitment outlined in the Franchise Agreement. This includes ensuring all payments and obligations to Chocolate Fish Franchising are met, regardless of whether they are specifically mentioned in the Franchise Agreement. The guarantor is responsible for rendering any payment or performance required under the Franchise Agreement upon demand from Chocolate Fish Franchising.

The guaranty also includes several waivers by the guarantor. These waivers include waiving the right to require Chocolate Fish Franchising to first pursue action against the franchisee or any other person before demanding payment or action from the guarantor. The guarantor also agrees that their liability will not be affected by any amendments to the Franchise Agreement or any extensions of time granted to the franchisee. This ensures that the guarantor remains responsible even if the terms of the agreement change or the franchisee is given more time to meet their obligations.

Furthermore, the guarantor is responsible for all costs incurred by Chocolate Fish Franchising in enforcing the guaranty, including reasonable attorney fees. If there are multiple guarantors, each will have joint and several liability, meaning each guarantor is individually and collectively responsible for the full amount of the franchisee's obligations. The guaranty is governed by Wyoming law, and any disputes will be resolved according to Article 17 of the Franchise Agreement.