What is the deadline for a Cicis developer to submit the monthly business activities report?
Cicis Franchise · 2025 FDDAnswer from 2025 FDD Document
You agree, during the Term, to maintain records regarding your activities in connection with the exercise of the Development Rights and to provide us with the following records and reports:
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- within 10 days after the end of each month during the Term, you must send us a report of your business activities during that month, including information about your efforts to find sites for Restaurants in the Development Area and the status of development and projected opening for each Restaurant under development in the Development Area;
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- within 30 days after the end of each calendar quarter, you must provide us with a balance sheet and profit and loss statement for you and your Affiliates covering that quarter and the year-to-date, and an updated balance sheet for each person or entity signing the Guaranty; and
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- such other data, reports, information, financial statements, and supporting records as we request from time to time.
If you fail to submit, the foregoing information or report required by us we may, after first providing written notice and a reasonable opportunity to cure (which need not exceed 10 days), assess a reasonable data collection fee for so long as the information or report remains outstanding. Our assessment and collection of the data collection fee will be in addition to all other rights and remedies we have.
Source: Item 23 — RECEIPTS (FDD pages 65–263)
What This Means (2025 FDD)
According to Cicis's 2025 Franchise Disclosure Document, a developer must submit a report of their business activities within 10 days after the end of each month during the term of their agreement. This report should include details about efforts to find restaurant sites within the designated development area. It should also cover the status of development and projected opening dates for each Cicis restaurant under development in that area.
This reporting requirement ensures that Cicis stays informed about the developer's progress and adherence to the development schedule. It allows Cicis to monitor the expansion of the franchise within the agreed-upon territory and to identify any potential delays or challenges in the development process.
Failure to submit the required information or reports may result in a data collection fee. Cicis will provide written notice and a reasonable opportunity to correct the issue, which may not exceed 10 days. If the developer fails to comply, Cicis can impose the fee in addition to any other rights and remedies available to them. This underscores the importance of meeting the reporting deadlines to avoid penalties and maintain a good standing with the franchisor.