What is the Cool Binz franchisee agreeing to do regarding equipment purchase in the Equipment Sales and Security Agreement?
Cool_Binz Franchise · 2025 FDDAnswer from 2025 FDD Document
equired Software.
At our request, you shall purchase or lease, and thereafter maintain, the Computer System, COOL BINZ Software, and the Required Software. We may require you to update or upgrade your Computer System at any time during the term of the franchise agreement. There is no limit on our frequency to do so, or the cost of your obligation to maintain, upgrade and update the Computer Systems in conformance with our requirements. We may also require you to use certain internet and cloud-based services or subscriptions as may become relevant as the System and technology changes, at your sole expense.
We may require that your Computer System be programmed to automatically transmit data and reports about the operation of the COOL BINZ Business to us. We shall also have the right to, at any time without notice, electronically connect with your Computer System to monitor or retrieve data stored on the Computer System or for any other purpose we deem necessary. There are no contractual limitations on our right to independently access the information and data on your POS System, COOL BINZ Software, and Computer System. You shall deliver to us all access codes, static Internet protocol ("IP") addresses and other information to facilitate our access to the data described in this Section within 30 days of opening the COOL BINZ Business. All client and customer data is our property and any data not accessible to us upon termination or expiration of the Franchise Agreement must be provided to us immediately.
During the term of the franchise agreement, you must maintain the computer hardware necessary to implement the COOL BINZ Software and any Required Software, and comply with all specifications and standards prescribed by us regarding the COOL BINZ Software and any Required Software as provided in the Operations Manuals, System Standards or otherwise in writing.
Source: Item 23 — RECEIPTS (FDD pages 63–238)
What This Means (2025 FDD)
According to the 2025 Cool Binz Franchise Disclosure Document, the franchisee has several obligations regarding equipment, as detailed in the Equipment Sales and Security Agreement. The franchisee must purchase or lease the Computer System, COOL BINZ Software, and any Required Software, and then maintain them. They are also responsible for paying all associated fees for the COOL BINZ Software and any other Required Software, potentially to Cool Binz or their approved suppliers. The franchisee must strictly adhere to Cool Binz's standards for these items, including security software.
Furthermore, the Cool Binz franchisee is responsible for keeping their Computer System in good repair and for installing any upgrades, additions, changes, modifications, substitutions, or replacements as directed by Cool Binz in writing. All of these compliance measures are at the franchisee's sole cost and expense. Cool Binz may also require the franchisee's Computer System to automatically transmit data and reports about the business's operation to Cool Binz.
Cool Binz also retains the right to electronically connect with the franchisee's Computer System at any time without notice to monitor or retrieve data or for any other purpose they deem necessary. The franchisee must provide all access codes and IP addresses to facilitate this access within 30 days of opening the Cool Binz Business. All client and customer data is Cool Binz's property, and any inaccessible data upon termination or expiration of the Franchise Agreement must be immediately provided to them.