What outstanding payments must be settled before a Cicis transfer can be approved?
Cicis Franchise · 2025 FDDAnswer from 2025 FDD Document
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- you must pay all amounts owed to us, our Affiliates, and third-party vendors and have submitted all required reports and statements under this Agreement and any Franchise Agreement with us;
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- you must pay or cause to be paid to us a Transfer fee in the amount of Seven Thousand Five Hundred Dollars ($7,500), plus such amount as is necessary to reimburse us for our reasonable out of pocket costs and expenses associated with the Transfer; and
Source: Item 23 — RECEIPTS (FDD pages 65–263)
What This Means (2025 FDD)
According to Cicis's 2025 Franchise Disclosure Document, before a transfer of the franchise can be approved, the franchisee must ensure that all outstanding financial obligations are met. Specifically, all amounts owed to Cicis, its affiliates, and any third-party vendors must be paid in full.
In addition to settling outstanding payments, the franchisee must also have submitted all required reports and statements under the Development Agreement and any Franchise Agreements with Cicis. This encompasses not only monetary obligations but also the fulfillment of informational and reporting duties as stipulated in the agreements.
Furthermore, the franchisee is responsible for covering a transfer fee of $7,500, along with any additional expenses Cicis incurs during the transfer process. These costs are associated with the administrative and legal work required to facilitate the transfer and ensure compliance with Cicis's standards and procedures. Meeting these financial and reporting conditions is crucial for securing approval for the transfer of the Cicis franchise.