What is the Principal Executive's obligation regarding meetings required by Chocolate Fish Coffee?
Chocolate_Fish_Coffee Franchise · 2024 FDDAnswer from 2024 FDD Document
- 7.14 Meetings. The Principal Executive shall use reasonable efforts to attend all in-person meetings and remote meetings (such as telephone conference calls) that Chocolate Fish Franchising requires, including any national or regional brand conventions. Franchisee shall not permit the Principal Executive to fail to attend more than three consecutive required meetings.
Source: Item 23 — RECEIPTS (FDD pages 41–119)
What This Means (2024 FDD)
According to Chocolate Fish Coffee's 2024 Franchise Disclosure Document, the Principal Executive is required to make reasonable efforts to attend all in-person and remote meetings, including national or regional brand conventions, that Chocolate Fish Coffee requires. These remote meetings may include telephone conference calls.
However, the franchisee will not be in breach of the agreement if the Principal Executive fails to attend no more than three consecutive required meetings. This suggests that while attendance is expected, there is some flexibility built into the requirement.
This obligation ensures that the Principal Executive stays informed about the Chocolate Fish Coffee system, any changes to it, and any relevant industry trends. It also provides a platform for communication and collaboration between the franchisor and franchisees. The franchisee should ensure that the designated Principal Executive is aware of this requirement and is prepared to allocate time for these meetings.