Who are the parties involved in the Cinch I.T. Multi-Unit Development Agreement?
Cinch_I_T Franchise · 2024 FDDAnswer from 2024 FDD Document
In consideration of the respective representations, warranties, covenants and agreements contained in this Agreement, the Parties agree as follows:
1. INCORPORATION OF RECITALS
The Recitals are incorporated herein by reference.
2. GRANT
2.1 We hereby grant to You the right and license to develop the number of CINCH I.T. Franchised Businesses listed in Addendum B in strict accordance with the Licensed Rights within the Development Area described in Addendum A. This Agreement is not a license or franchise agreement. It does not give You the right to operate a CINCH I.T. franchised business or use the System or the Marks, nor does it give You any right to license others to operate CINCH I.T. businesses. Each CINCH I.T. Franchised Business shall be governed by and operated according to the terms of the individual franchise agreement ("Franchise Agreement") signed by Franchisor and Multi-Unit Developer or its approved affiliate with respect thereto.
Source: Item 23 — RECEIPTS (FDD pages 60–269)
What This Means (2024 FDD)
According to Cinch I.T.'s 2024 Franchise Disclosure Document, the parties involved in the Multi-Unit Development Agreement are the franchisor, CINCH Franchise, LLC, and the multi-unit developer. This agreement grants the multi-unit developer the right to develop a certain number of Cinch I.T. franchised businesses within a specific development area, as outlined in the agreement's addenda.
The agreement explicitly states that it is not a franchise agreement itself, but rather an agreement to develop multiple Cinch I.T. franchises. The multi-unit developer does not have the right to operate a Cinch I.T. franchised business or use the Cinch I.T. system or marks under the Multi-Unit Development Agreement. These rights are granted under separate, individual franchise agreements for each Cinch I.T. location.
The document also specifies that the Multi-Unit Development Agreement is binding upon and benefits both parties, including their heirs, successors, permitted assigns, and personal representatives. This ensures that the obligations and benefits of the agreement continue even if there are changes in ownership or management. Furthermore, the agreement stipulates that the laws of the Commonwealth of Massachusetts govern the agreement, and any legal proceedings will take place in Worcester, Massachusetts, unless otherwise specified.