Does Cool Binz agreeing to accept late payments or extending credit to finance the Cool Binz business?
Cool_Binz Franchise · 2025 FDDAnswer from 2025 FDD Document
nt for the Late Payment Fee, NSF Fee, Late Report Fee, Interest Fees and all other fees owed to us.
You acknowledge that this paragraph does not constitute our agreement to accept any payments after they are due or our commitment to extend credit to, or otherwise finance the operation of the COOL BINZ Business. Notwithstanding the provisions of this Section, your failure to pay all amounts when due constitutes grounds for termination of this Agreement, as provided in Section 12.B. of this Agreement.
**F.
Source: Item 23 — RECEIPTS (FDD pages 63–238)
What This Means (2025 FDD)
According to Cool Binz's 2025 Franchise Disclosure Document, Cool Binz does not commit to accepting late payments or extending credit to finance the operation of the Cool Binz business. However, if a franchisee fails to make payments on time, Cool Binz can charge interest fees and non-sufficient fund fees (NSF). Cool Binz can automatically debit the franchisee's account for these fees, including late payment fees, NSF fees, late report fees, and interest fees.
Even if Cool Binz delays exercising its rights or accepts late or partial payments, this does not waive their rights or remedies against the franchisee. Failure to pay all amounts when due constitutes grounds for termination of the Franchise Agreement.
If the Franchise Agreement is terminated, the franchisee must pay Cool Binz all outstanding royalties, promissory note balances, late report fees, late payment fees, NSF fees, interest fees, and any other fees or amounts owed. Additionally, the franchisee is responsible for actual and consequential damages, costs, and expenses, including reasonable attorney's fees, incurred by Cool Binz as a result of the franchisee's default.