Who is included in the release provided by the Cool Binz Franchise Owner?
Cool_Binz Franchise · 2025 FDDAnswer from 2025 FDD Document
including specific performance.
Please indicate that you agree to the conditions, as stated above, under which confidential information will be furnished to you by signing a copy of this letter in the space provided below.
| By: | Signature | Date: | |
|---|---|---|---|
EXHIBIT A-3 TO THE FRANCHISE DISCLOSURE DOCUMENT
GENERAL RELEASE(S)
GENERAL RELEASE – REQUIRED UPON RENEWAL
THIS SETTLEMENT AND RELEASE is being made by and between COOL BINZ INTERNATIONAL, LLC ("FRANCHISOR") and [Name] (together referred to as the "FRANCHISE OWNER" and/or "you") resident of [State], and [Corp/LLC,] ("Franchisee") and shall be effective as of the date of the last signature below.
W I T N E S S E T H:
WHEREAS, FRANCHISOR and FRANCHISE OWNER(S) entered into Franchise Agreement on the [date] (the "Franchise Agreements") for the operation of a COOL BINZ business in a defined territory(s) in the state of [State] (the "Business"), which Franchise Agreements is being renewed;
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by and between each of the parties, it is agreed and understood as follows:
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- FRANCHISE OWNER(S) and FRANCHISOR have agreed upon new renewal Franchise Agreements, to be executed contemporaneously with this Mutual Release, which will replace your original Franchise Agreements, thus continuing FRANCHISE OWNER(S) rights to operate a COOL BINZ business within a Territory, as defined in the Franchise Agreement in the State of [State].
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Source: Item 23 — RECEIPTS (FDD pages 63–238)
What This Means (2025 FDD)
According to the 2025 Cool Binz Franchise Disclosure Document, the General Release provided by the Cool Binz Franchise Owner upon renewal is made between Cool Binz International, LLC, identified as the Franchisor, and the Franchise Owner, along with their company (Corp/LLC), referred to as the Franchisee. This release becomes effective on the date of the last signature.
The General Release provided by the Cool Binz Franchise Owner upon assignment is made between Cool Binz International, LLC, identified as the Franchisor, and the Franchise Owner(s), and [Company] identified as the Franchisee. This release becomes effective on the date of the last signature.
These releases are legally binding agreements, where both Cool Binz and the franchisee agree to release each other from certain claims or liabilities. This is a common practice in franchising to ensure a clean break or fresh start under specific circumstances like renewal or assignment. A prospective franchisee should carefully review the terms of the release with legal counsel to understand the full scope of what they are agreeing to.