factual

What document is included as Exhibit H-3 in the Chop5 Salad Kitchen Disclosure Document?

Chop5_Salad_Kitchen Franchise · 2024 FDD

Answer from 2024 FDD Document

EXHIBIT "H"-3

GENERAL RELEASE

[See Attached]

WAIVER AND RELEASE OF CLAIMS

This Waiver and Release of Claims (this "Agreement") is made as of, 202 (the "Effective Date") by, a(n) ("you") and each individual holding a direct or indirect ownership interest in you (collectively "Owner") in favor of CHOP5 Franchise LLC, a Kentucky limited liability company ("us," and together with you and Owner, the "Parties").

Background

  • A. We signed a Franchise Agreement with you, dated ___, 202 (the "Franchise Agreement") pursuant to which we granted you the right to own and operate a CHOP5 Salad Kitchen restaurant.
  • B. You have notified us of your desire to transfer the Franchise Agreement and all rights related thereto, or an ownership interest in the franchisee entity, to a transferee, [enter into a successor franchise agreement] and we have consented to such transfer [agreed to enter into a successor franchise agreement].
  • C. As a condition to our consent to the transfer [your ability to enter into a successor franchise agreement], you and Owner have agreed to execute this Agreement upon the terms and conditions stated below.
  • D. In consideration of our consent to the transfer [our entering into a successor franchise agreement], and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, and intending to be legally bound, you and Owner hereby agree as set forth below.

Agreement

Source: Item 22 — CONTRACTS (FDD page 50)

What This Means (2024 FDD)

According to the 2024 Chop5 Salad Kitchen Franchise Disclosure Document, Exhibit H-3 contains the General Release form. This form includes a Waiver and Release of Claims agreement.

The agreement is made between Chop5 Franchise LLC and the franchisee, including any individuals holding direct or indirect ownership in the franchise. The agreement is effective as of a specified date in 202_.

This agreement is required when a franchisee notifies Chop5 Salad Kitchen of their desire to transfer the Franchise Agreement or an ownership interest to a transferee, or to enter into a successor franchise agreement. As a condition for Chop5 Salad Kitchen's consent to the transfer or the successor agreement, the franchisee and owner must agree to the terms and conditions outlined in the General Release.

Disclaimer: This information is extracted from the 2024 Franchise Disclosure Document and is provided for research purposes only. It does not constitute legal or financial advice. Consult with a franchise attorney before making any investment decisions.