What is the date of the Franchise Agreement that is being referenced in the Closet Storage Concepts Transfer Agreement?
Closet_Storage_Concepts Franchise · 2025 FDDAnswer from 2025 FDD Document
| 1. | Pursuant to a Franchise Agreement dated, 20 (the "Franchise | ||
|---|---|---|---|
| Agreement"), (the "Franchisee") has acquired the right and franchise from | |||
| Closets Unlimited of New Jersey, Inc. (the "Franchisor") to establish and operate a Closet & Storage | |||
| Concepts business (the "Franchised Business") and the right to use in the operation of the Franchised | |||
| Business the Franchisor's trade names, service marks, trademarks, logos, emblems, and indicia of origin | |||
| (the "Proprietary Marks"), as they may be changed, improved and further developed from time to time in | |||
| the Franchisor's sole discretion. |
Source: Item 22 — CONTRACTS (FDD page 59)
What This Means (2025 FDD)
According to Closet Storage Concepts' 2025 Franchise Disclosure Document, the Franchise Agreement referenced in the transfer agreement is dated " , 20." The specific day and month are not provided in the document.
This means that when a Closet Storage Concepts franchisee seeks to transfer their franchise to a new owner, the transfer agreement will reference the original date of the franchise agreement between the franchisee (referred to as the Assignor in this context) and Closet Storage Concepts. The date serves to identify the specific agreement that is being transferred.
A prospective franchisee should note that the actual date will be filled in the specific agreement they sign. If considering purchasing an existing franchise, it would be prudent to confirm this date and review the terms of the original franchise agreement, as it outlines the rights and obligations being transferred.