What is the name of the agreement used to terminate a Circle K franchise agreement?
Circle_K Franchise · 2025 FDDAnswer from 2025 FDD Document
-------| | | | DATE | | CUSTOMER NAME | | | | AUTHORIZED NAME (PLEASE PRINT) EFT NOTICES | EMAIL | ADDRESS FOR PHONE | | | | | | AUTHORIZED SIGNATURE | | | | NUMBER | | | | | COST | CENTER | | | | | | TITLE | | | | NUMBER | | | | NOTE: PLEASE ATTACH A VOIDED CHECK FOR THE REFERENCED ACCOUNT | | | | IN ORDER TO ENSURE YOUR ACCOUNT IS PROPERLY AND ACCURATELY | | | | DEBITED. | | | us of our termination in such time and in such manner as to afford CIRCLE K and
Exhibit 3 to Circle K Branding Agreement (Single Site)
CREDIT NETWORK AGREEMENT
[Attached as Exhibit 6 to the Convenience Store Franchise Agreement]
EXHIBIT I
Sample Termination and Release Agreements
Exhibit I-1
TERMINATION AND RELEASE AGREEMENT
(Convenience Store Franchise Agreement)
| THIS TERMINATION AND RELEASE AGREEMENT ("Agreement") is made and entered into by and between TMC Franchise Corporation ("Franchisor"), and ("Franchisee"). All capitalized terms not defined in this Agreement have the respective meanings set forth in the Franchise Agreement (as defined below). This Agreement is effective on the date Franchisor signs below (the "Effective Date"). |
|---|
| RECITALS |
| A. |
| Franchisor and Franchisee entered into a Franchise Agreement dated |
| (including all exhibits, attachments, |
| and amendments thereto, the |
| "Franchise Agreement"), whereby |
| Franchisee was granted the right to operate a Circle K store (the "Store") at (the |
| "Authorized Location"). |
| B-C. |
| [INSERT OTHER BACKGROUND INFORMATION.] |
| D. |
| Franchisor and Franchisee have agreed to terminate the Franchise Agreement and all rights, |
| obligations and responsibilities thereunder, subject to the terms and conditions of this Agreement. |
| AGREEMENTS |
| In consideration of the promises expressed herein and for other good and valuable consideration, |
| the sufficiency of which is hereby acknowledged, the parties agree as follows: |
| 1. |
| Termination of Franchise Agreement. |
| As of (the "Termination |
| Date"), the Franchise Agreement is deemed terminated and of no further force |
| and effect. |
| As of the |
| Termination Date, Franchisee has no further rights under or through the Franchise Agreement; provided, |
| however, Franchisee acknowledges and agrees that it will comply with the post-termination obligations set |
| forth in Section 3 below and as more fully stated in the Franchise Agreement. |
| 2. |
| Termination of Other Agreements. Franchisor and Franchisee acknowledge and agree that |
| any and all other agreements that Franchisee may have with Franchisor or its affiliates relating to the |
| operation of the Store (including, specifically, the Software Use Agreement between Franchisor and |
| Franchisee) (collectively, the "Other Agreements") are deemed terminated as of the Termination Date and |
| of no further force and effect. Notwithstanding the foregoing, Franchisee acknowledges that it must comply |
| with any and all obligations in the Other |
| Agreements which, by their nature, survive termination or |
| expiration of the Other Agreements. |
Source: Item 23 — RECEIPTS (FDD pages 100–359)
What This Means (2025 FDD)
According to the 2025 Circle K Franchise Disclosure Document, the agreement used to terminate a Convenience Store Franchise Agreement is called the "Termination and Release Agreement". Exhibit I of the FDD provides a sample of this agreement. This agreement is entered into by TMC Franchise Corporation, the franchisor, and the franchisee. The agreement becomes effective once the franchisor signs it.
The Termination and Release Agreement outlines several key aspects of ending the franchise relationship. It confirms that both Circle K and the franchisee agree to terminate the Franchise Agreement, thereby ending all associated rights, obligations, and responsibilities, based on the conditions specified within the agreement. The agreement also addresses the termination of other agreements that the franchisee may have with Circle K or its affiliates, including the Software Use Agreement, ensuring that all parties understand their remaining obligations.
Several clauses in the Termination and Release Agreement ensure a clean break between Circle K and the franchisee. The agreement stipulates that the franchisee must still comply with post-termination obligations as detailed in Section 3 of the Termination and Release Agreement and the broader Franchise Agreement. This includes ceasing all use of Circle K's trademarks and business systems, returning the Circle K Operating Manual and other proprietary information, and adhering to post-term obligations as outlined in the Electronic Point of Sale and Software Agreement. The agreement also includes a mutual release of claims, preventing future legal disputes related to the franchise.