On what day of the month will funds be debited for Cinch I.T. royalties and other amounts?

According to Cinch I.T.'s 2024 Franchise Disclosure Document, royalties and other amounts will be debited on the 15th of each month. If the 15th is not a business day, the funds will be debited on the closest business day thereafter. The FDD also states that the day of debit may be another day designated in the Operations Manual.

As a Cinch I.T. franchisee, it is important to be aware of this payment schedule to ensure that sufficient funds are available in the designated account to avoid late payment penalties. The franchisee must authorize Cinch I.T. to initiate debit entries for royalty fees, marketing fund fees, and any other amounts due under the Franchise Agreement by completing the Electronic Funds Transfer Agreement.

Cinch I.T. also retains the right to change the payment method if they deem it appropriate, requiring the franchisee to comply with their payment instructions. This means that while automatic debit is the standard method, Cinch I.T. can switch to another payment method at their discretion. Franchisees should stay informed of any changes to the payment procedures to remain compliant with the franchise agreement.

It is also important to note that the franchisee cannot withhold payments for any reason, even if they allege non-performance by Cinch I.T. Withheld amounts will be considered unpaid, potentially leading to further action by the franchisor. This underscores the importance of resolving disputes through proper channels while continuing to meet payment obligations.