What is the 'Amendment' referring to in the Veteran Amendment to Franchise Agreement for Cinch I.T.?
Cinch_I_T Franchise · 2024 FDDAnswer from 2024 FDD Document
th, or the closest business day thereafter or other day we designate in the Operations Manual.
| | Name(s): | | |-------------------|------------------------|--| | | Signature:Date: Signature:Date: | | | Day Phone: ( | Evening Phones: ( | | | ) | ) | |
ADDENDUM G TO FRANCHISE AGREEMENT
VETERAN AMENDMENT TO FRANCHISE AGREEMENT
| (the "Amendment") is made THIS AMENDMENT TO FRANCHISE AGREEMENT |
|---|
| and entered into this day of, 20, by and between Cinch Franchise, LLC, |
| a Massachusetts limited liability company with its principal place of business at 27 West |
| Mountain Street, Worcester, Massachusetts 01606 |
| (hereinafter "Franchisor"), and |
| , [a/an] |
| with its at |
| (hereinafter ["Franchisee" |
| or "Franchisee's Spouse"]). |
| WITNESSETH |
| WHEREAS, Franchisor and Franchisee desire to enter into a Franchise Agreement of |
| even date herewith with respect to the operation of a business which provides business computer |
| support, general I.T. support, and other technology related services (hereinafter "the Franchise |
| Agreement"); |
| WHEREAS, Franchisor and Franchisee have agreed to amend the Franchise Agreement |
| as set forth herein to provide certain discounts to Franchisee based upon Franchisee's (or |
| Franchisee's owner's) status as a United States Veteran as a condition to entering into the |
| Franchise Agreement; |
| NOW, THEREFORE, in consideration of the mutual covenants and agreements |
| hereinafter set forth, and other good and valuable consideration the receipt and sufficiency of |
| which is hereby acknowledged, the parties do hereby agree as follows: |
| 1. |
| Section 7(a) of the Franchise Agreement is hereby amended by adding the following |
| provision to that section: |
| "Based upon the status of Franchisee, where Franchisee is an |
| individual, or the status of Franchisee's owner, where Franchisee is |
| a business entity, as an honorably |
| discharged Veteran of a branch |
| of the United States armed forces, Franchisor |
Source: Item 23 — RECEIPTS (FDD pages 60–269)
What This Means (2024 FDD)
According to Cinch I.T.'s 2024 Franchise Disclosure Document, the 'Amendment' refers to a specific modification to the standard Franchise Agreement that provides certain discounts to franchisees who are United States veterans. The Amendment is designed to offer financial incentives, specifically a reduction in the initial franchise fee, to eligible veterans as a condition of entering into the Franchise Agreement. This amendment is made in consideration of mutual agreements between Cinch I.T. and the franchisee.
The key provision of this Amendment, as outlined in the document, directly impacts Section 7(a) of the original Franchise Agreement. It stipulates that Cinch I.T. will reduce the Initial Franchise Fee by fifty percent (50%) for honorably discharged veterans of the United States armed forces. The franchisee is then required to pay the adjusted Initial Franchise Fee in a lump sum when signing the Franchise Agreement. This financial adjustment is a significant benefit for veterans looking to start a Cinch I.T. franchise.
The Amendment explicitly states that all other provisions of the original Franchise Agreement remain in full force and effect, except for the specific changes outlined within the Amendment itself. This ensures that the core terms and conditions of the franchise relationship are maintained, while also providing the defined benefit to veteran franchisees. The document also includes spaces for the date of the amendment and signatures of both the Franchisor and Franchisee, indicating formal acknowledgement and agreement to the terms of the Amendment.