Under what circumstances does Affiliate Group acknowledge the Release for Christies International Real Estate?
Christies_International_Real_Estate Franchise · 2025 FDDAnswer from 2025 FDD Document
In consideration of the mutual covenants and promises below, and other good and valuable consideration, the parties hereby agree as follows:
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- Approval. Licensor hereby approves the opening of the Additional Office at the location set forth above. The Additional Office will commence operations under the CHRISTIE'S INTERNATIONAL REAL ESTATE system within 90 days of the Effective Date of this Agreement. The Additional Office will be subject to the terms and conditions in the Broker Affiliate License Agreement.
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- Release. Affiliate and all of Affiliate 's guarantors, members, employees, agents, successors, assigns and affiliates fully and finally release and forever discharge Licensor, its past and present agents, employees, officers, directors, members, licensees, franchisees, successors, assigns and affiliates (collectively "Released Parties") from any and all claims, actions, causes of action, contractual rights, demands, damages, costs, loss of services, expenses and compensation which Affiliate could assert against Released Parties or any of them up through and including the date of this Release. THIS IS A SPECIFIC RELEASE GIVING UP ALL RIGHTS WITH RESPECT TO THE TRANSACTIONS OR OCCURRENCES THAT ARE BEING RELEASED UNDER THIS AGREEMENT.
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- FOR CALIFORNIA RESIDENTS ONLY: You represent and warrant that YOU EXPRESSLY WAIVE ANY AND ALL RIGHTS AND BENEFITS UNDER CALIFORNIA CIVIL CODE §1542, which provides as follows:
A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.
The above release shall not apply to any liabilities arising under the California Franchise Investment Law, the California Franchise Relations Act, Indiana Code § 23-2-2.5.1 through 23-2-2.7-7, the Maryland Franchise Registration and Disclosure Law, Michigan Franchise Investment Law, Minnesota Franchise Act, North Dakota franchise laws, the Rhode Island Investment Act, and the Washington Franchise Investment Protection Act.
Source: Item 23 — RECEIPT (FDD pages 54–177)
What This Means (2025 FDD)
According to Christies International Real Estate's 2025 Franchise Disclosure Document, an affiliate acknowledges a release as part of an agreement for opening an additional office. Specifically, the affiliate, along with its guarantors, members, employees, agents, successors, assigns, and affiliates, provides a full and final release to Christies International Real Estate and its related parties. This release covers all claims, actions, causes of action, contractual rights, demands, damages, costs, loss of services, expenses, and compensation that the affiliate could assert against the released parties up to the date of the release.
The document emphasizes that this is a specific release, relinquishing all rights related to the transactions or occurrences being released under the agreement. For California residents, the release includes a waiver of rights and benefits under California Civil Code §1542, which pertains to claims unknown at the time of executing the release that could materially affect the settlement.
However, the release does not apply to liabilities arising under specific franchise laws, including the California Franchise Investment Law, the California Franchise Relations Act, and similar laws in Indiana, Maryland, Michigan, Minnesota, North Dakota, Rhode Island, and Washington. This ensures that the affiliate does not waive rights protected under these franchise-specific regulations.