What is the cure period for failing to pay monies owed to Cicis or designated suppliers?
Cicis Franchise · 2025 FDDAnswer from 2025 FDD Document
- (k) you, any of your affiliates, or any of your Owners fail, refuse, or neglect promptly to pay any monies owing to us, any of our affiliates, or the designated suppliers when due under this Agreement or any other agreement (including any other development or franchise agreement with us for any type of facility), or to submit the financial or other information required by us under this Agreement and do not cure such default within five (5) days following notice from us;
Source: Item 22 — CONTRACTS (FDD pages 64–65)
What This Means (2025 FDD)
According to Cicis's 2025 Franchise Disclosure Document, if a franchisee fails, refuses, or neglects to promptly pay any monies owed to Cicis, its affiliates, or designated suppliers when due under the Franchise Agreement or any other agreement, they have a five (5) day period to cure the default after receiving notice from Cicis. This includes any agreement such as a development or franchise agreement.
This five-day cure period is a critical aspect of the franchise agreement. If the franchisee does not rectify the payment default within this timeframe, Cicis has the right to pursue further action, including termination of the franchise agreement. The franchisee is responsible for ensuring timely payments to Cicis and its designated suppliers to avoid potential default and subsequent penalties.
It is important for prospective Cicis franchisees to understand the implications of failing to meet financial obligations and the importance of adhering to the cure period. Franchisees should maintain open communication with Cicis regarding any potential payment issues and act swiftly to resolve them within the given timeframe to maintain compliance with the franchise agreement and avoid termination.