What documents must an Assignee sign to take over a Circle K license?
Circle_K Franchise · 2025 FDDAnswer from 2025 FDD Document
- (a) This Agreement is personal to Licensee. Licensee's interest in this Agreement shall not be transferred or assigned by Licensee in whole or in part, directly or indirectly, without the prior written consent of TMC and provided the following conditions are satisfied: (i) new Licensee ("Assignee") meets TMC's qualifications, (ii) Assignee signs TMC's current form of branding agreement, (iii) Assignee assumes all obligations under this Agreement, (iv) the CIRCLE K convenience store located at the Premises is also transferred to Assignee in accordance with the assignment conditions set forth in Licensee's Franchise Agreement, (v) any Sublicense Agreements entered into in connection with this Agreement are also transferred to Assignee, (vi) all amounts due TMC are paid in full, and (vii) release signed by Licensee.
Source: Item 23 — RECEIPTS (FDD pages 100–359)
What This Means (2025 FDD)
According to Circle K's 2025 Franchise Disclosure Document, if a licensee wants to assign their interest in the Branding Agreement to another party (the Assignee), the Assignee must meet certain qualifications and sign specific documents. The Assignee must meet Circle K's qualifications to become a new licensee. The Assignee is required to sign Circle K's current form of branding agreement. The Assignee must assume all obligations under the existing Branding Agreement. The Circle K convenience store at the premises must also be transferred to the Assignee, following the conditions in the Licensee's Franchise Agreement. Any Sublicense Agreements connected to the Branding Agreement must also be transferred to the Assignee. Finally, the original Licensee must sign a release.