What acknowledgement is made by each party in the City Wide release agreement?
City_Wide Franchise · 2025 FDDAnswer from 2025 FDD Document
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- Acknowledgement. Each of the parties certifies to the other that it has read all of this Release and fully understands all of the same and that it has executed this Release after having had the opportunity to obtain legal advice as to such party's rights from legal counsel of its choice.
Source: Item 23 — RECEIPT (FDD pages 65–271)
What This Means (2025 FDD)
According to City Wide's 2025 Franchise Disclosure Document, both the franchisee and City Wide acknowledge certain aspects of the release agreement. Each party certifies to the other that they have thoroughly read and fully understand the entire release. Furthermore, each party confirms they have had the opportunity to seek legal advice from their own legal counsel regarding their rights before executing the release.
This acknowledgement is a standard legal practice to ensure that all parties entering into an agreement do so with a clear understanding of its terms and implications. By certifying they have read and understood the release, franchisees confirm they are aware of the rights they are waiving and the obligations they are undertaking. Similarly, City Wide acknowledges its understanding of the release and its implications.
The opportunity to obtain legal advice is a crucial element of this acknowledgement. It allows each party to have an independent legal expert review the release and explain its potential impact. This helps to protect both the franchisee and City Wide from entering into an agreement without fully appreciating its consequences. Franchisees should take this opportunity seriously and consult with an attorney to ensure they are making an informed decision.
This acknowledgement underscores the importance of carefully reviewing all legal documents related to the franchise agreement. Franchisees should not hesitate to seek clarification on any terms they do not fully understand and should always consult with legal counsel before signing any binding agreements.