What is the Convention Non-Attendance Fee for a Cool Binz franchisee who fails to attend a scheduled convention without prior written permission?
Cool_Binz Franchise · 2025 FDDAnswer from 2025 FDD Document
| Name of Fee (Note 1) | Amount | Due Date | Remarks (Note 1) |
|---|---|---|---|
| Convention Non Attendance Fee | Our then current fee, which is presently $1,000 | Due to us if you fail to attend the Convention and did not receive our prior written permission. | See Note 6 |
Source: Item 6 — OTHER FEES (FDD pages 19–27)
What This Means (2025 FDD)
According to Cool Binz's 2025 Franchise Disclosure Document, a franchisee who fails to attend a scheduled convention without obtaining prior written permission from Cool Binz will incur a Convention Non-Attendance Fee. The standard fee is currently $1,000.
This fee is designed to ensure that franchisees actively participate in conventions, which Cool Binz likely views as important for training, networking, and maintaining brand standards. By requiring prior written permission for non-attendance, Cool Binz retains control over who attends and can address any legitimate reasons for franchisees missing the event.
The FDD also notes that this fee is subject to change. The document states, "Our then current fee, which is presently $1,000". This implies that Cool Binz may adjust the Convention Non-Attendance Fee in the future. Franchisees should be aware of this potential for fee increases and factor it into their operational planning. It is important to note that the fee is due to Cool Binz if a franchisee fails to attend the convention without prior written permission.
Prospective franchisees should inquire about the frequency and location of these conventions during their due diligence. Understanding the typical costs associated with attending a convention (travel, lodging, meals) in addition to the potential non-attendance fee is crucial for budgeting and assessing the overall financial commitment of a Cool Binz franchise.