What is the 'Effective Date' referring to in the Christies International Real Estate general release?
Christies_International_Real_Estate Franchise · 2025 FDDAnswer from 2025 FDD Document
| THIS GENERAL RELEASE (the "Release") is made and entered into on this day of , 20 (the "Effective Date"), by and between: |
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| Christie's International Real Estate, LLC, a Delaware limited liability company |
| ("Licensor"); and |
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| a [resident of] |
| [corporation organized in] [limited liability company organized in] |
| [("Affiliate")] ("Transferor")]. |
Source: Item 23 — RECEIPT (FDD pages 54–177)
What This Means (2025 FDD)
According to the 2025 Christies International Real Estate FDD, the "Effective Date" in the context of the general release refers to the date on which the general release is made and entered into. Specifically, the FDD states that the general release is made and entered into "on this day of , 20 (the 'Effective Date')." This date is significant because it marks when the agreement between Christies International Real Estate, LLC (Licensor) and the Affiliate or Transferor becomes active and binding.
This date is crucial for determining when the terms and conditions outlined in the release take effect. The release is part of either a renewal or transfer transaction related to a Broker Affiliate License Agreement. The "Effective Date" essentially signifies the commencement of the legal commitments and waivers detailed in the release, impacting both Christies International Real Estate and the franchisee.
For a prospective Christies International Real Estate franchisee, understanding the "Effective Date" is vital, as it sets the timeline for obligations and rights within the franchise agreement. It is also important to note that the release must be signed and delivered in duplicate to be considered fully executed.