What happens if a Cool Binz franchisee fails to provide required reports to Cool Binz?
Cool_Binz Franchise · 2025 FDDAnswer from 2025 FDD Document
to cover a check or EFT payment to us three (3) or more times within any 12-month period or you fail to achieve minimum sales for three (3) consecutive months.
C. TERMINATION IF NOT CURED.
We have the right to terminate this Agreement if any of the following defaults remains uncured after your receipt of a default notice from us, and if such defaults are not cured.
Source: Item 23 — RECEIPTS (FDD pages 63–238)
What This Means (2025 FDD)
According to Cool Binz's 2025 Franchise Disclosure Document, if a franchisee fails to provide any report, statement, or return required by the Franchise Agreement, Cool Binz has the right to terminate the agreement. However, Cool Binz must first provide a default notice to the franchisee, and the franchisee has thirty (30) days to cure the default after receiving the notice.
This means that Cool Binz franchisees must be diligent in submitting all required reports, statements, and returns to Cool Binz in a timely manner as outlined in the agreement. Failure to do so can lead to a notice of default, and if the issue is not resolved within 30 days, Cool Binz can terminate the Franchise Agreement. This could result in the franchisee losing their business and investment.
It is important for prospective Cool Binz franchisees to understand all reporting requirements outlined in the Franchise Agreement and Operations Manual. Franchisees should ensure they have systems in place to accurately track and submit all required information to Cool Binz within the specified timeframes to avoid potential default and termination of the agreement.