What is the effect of signing the Cool Binz Mutual Release in counterparts?
Cool_Binz Franchise · 2025 FDDAnswer from 2025 FDD Document
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- This Mutual Release may be signed in two (2) or more counterparts, and will be effective when all the parties and signatories have affixed their signatures to two (2) or more of the counterparts and they have been delivered as aforesaid, at which time the counterparts together will be deemed one (1) original document.
Source: Item 23 — RECEIPTS (FDD pages 63–238)
What This Means (2025 FDD)
According to the 2025 Cool Binz Franchise Disclosure Document, the Mutual Release can be signed in two or more counterparts. This means that each party can sign a separate copy of the release. The release becomes effective when all parties have signed their respective copies and these copies have been delivered. At that point, all the counterparts are considered as one original document.
This approach provides flexibility in the signing process, especially when parties are geographically separated or have scheduling constraints. It allows each party to sign the document at their convenience without needing to be in the same location or at the same time. The delivery of the signed counterparts finalizes the agreement, making it legally binding.
For a prospective Cool Binz franchisee, this means that the process of signing the Mutual Release can be streamlined. They do not need to coordinate a single signing event with all other parties involved. Instead, they can sign their copy and return it, and the agreement will be effective once all other signatures are collected and delivered. This can expedite the resolution of disputes or controversies, as the release can be executed more efficiently.
It is important to note that the terms of the Mutual Release remain confidential and cannot be disclosed except to comply with applicable laws or regulations. Additionally, in Maryland and Washington, the Mutual Release may not apply to certain liabilities or claims arising under their respective franchise laws.