What is the deadline for submitting weekly reports for a Closet Storage Concepts franchise?
Closet_Storage_Concepts Franchise · 2025 FDDAnswer from 2025 FDD Document
t, a copy of which is attached hereto as Exhibit 12. Franchisor reserves the right to require Franchisee to submit all payments due to Franchisor or its affiliates arising out of or related to the Franchised Business in any form or manner Franchisor prescribes. All weekly payments required under this section shall be due and deducted from Franchisee's bank account on Monday of each week on the receipts for the preceding week or such other day as Franchisor mandates.
Source: Item 22 — CONTRACTS (FDD page 59)
What This Means (2025 FDD)
According to Closet Storage Concepts' 2025 Franchise Disclosure Document, weekly payments, which include reports, are due and will be deducted from the franchisee's bank account every Monday for the preceding week's receipts. However, Closet Storage Concepts can mandate a different day for these deductions.
Closet Storage Concepts requires franchisees to participate in an electronic funds transfer program for these payments. Franchisees must provide the necessary banking documents before opening their franchise. They are also obligated to inform Closet Storage Concepts of any changes to their banking information.
Failure to submit reports and payments within fifteen days of the due date is considered a material default of the agreement. This could affect the franchisee's ability to renew their agreement.