When must each initial training fee be paid to Cinch I.T.?
Cinch_I_T Franchise · 2024 FDDAnswer from 2024 FDD Document
ounts collected shall be deemed fully earned immediately upon receipt and shall be non-refundable, regardless of whether You open any of the CINCH I.T. Franchised Businesses You are obligated to open in the Development Area. We will credit each Development Fee paid as full payment of the initial franchise fee due for each subsequent franchise to be opened under this Agreement.
- 4.3 You shall pay to Us an initial training fee ("Initial Training Fee") of Thirty Thousand Dollars ($30,000.00) when You sign Your first CINCH I.T. Franchise Agreement. The then-current Initial Training Fee for the second CINCH I.T. Franchised Business to be developed under this Agreement will be reduced twenty five percent (25%). Thereafte
Source: Item 23 — RECEIPTS (FDD pages 60–269)
What This Means (2024 FDD)
According to Cinch I.T.'s 2024 Franchise Disclosure Document, the initial training fee is due in a lump sum when signing each Franchise Agreement. The initial training fee for the first Cinch I.T. Franchise Agreement is $30,000. For the second Cinch I.T. franchised business, the initial training fee will be reduced by 25%. For the third and each subsequent Cinch I.T. franchised business, the initial training fee will be reduced by 50%.
This means that a prospective Cinch I.T. franchisee must be prepared to pay the initial training fee upfront for each franchise they plan to open. The amount will vary depending on whether it is the first, second, or a subsequent franchise. The initial training fee covers the training for the franchisee and one additional person.
It's important to note that all amounts collected are deemed fully earned immediately upon receipt and are non-refundable. This means that even if the franchisee does not open the Cinch I.T. franchised business, the initial training fee will not be refunded. Franchisees should carefully consider their ability to open and operate the franchise before signing the Franchise Agreement and paying the initial training fee.
Cinch I.T. also offers additional training programs, workshops, and seminars, and may require franchisees or their employees to attend such programs. Cinch I.T. may also charge a fee for remedial training if a franchisee fails to meet minimum performance standards. These additional training fees are separate from the initial training fee and are subject to change with or without notice.