On what day of the week is the Cool Binz late report fee due?
Cool_Binz Franchise · 2025 FDDAnswer from 2025 FDD Document
| Name of Fee (Note 1) | Amount | Due Date | Remarks (Note 1) |
|---|---|---|---|
| Late Report Fee | $50 per day that a report is late. This fee may increase up to ten percent (10%) each year of the term. | Due by automatic debit the Friday (or any day we designate) after the report is late | Due for each day a report is late. We may increase this fee by up to 10% each year of the Term. |
Source: Item 6 — OTHER FEES (FDD pages 19–27)
What This Means (2025 FDD)
According to Cool Binz's 2025 Franchise Disclosure Document, the late report fee is due by automatic debit on the Friday (or any day Cool Binz designates) after the report is late. The fee is $50 per day that a report is late and may increase up to 10% each year of the term.
This means that if a Cool Binz franchisee submits a report late, they will incur a fee of $50 for each day the report is overdue. This fee will be automatically debited from their account on the Friday following the date the report was due, unless Cool Binz specifies a different day for the debit. The franchisee needs to be aware that this fee can increase by up to 10% annually, potentially adding up over the term of the franchise agreement.
Franchisees should ensure timely submission of all required reports to avoid incurring these late fees. It is also important to stay informed about any changes to the due date or the amount of the late fee, as Cool Binz reserves the right to modify these terms. Paying attention to these details will help franchisees manage their finances effectively and maintain a good relationship with Cool Binz.