What is the Cool Binz Late Report Fee?
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 $50 per day for each report submitted late. This fee is subject to a potential increase of up to 10% each year of the franchise term.
The Late Report Fee is due via automatic debit on the Friday (or any other day Cool Binz designates) following the date the report was due. This means franchisees need to ensure timely submission of all required reports to avoid incurring these daily fees, which can accumulate quickly.
Franchisors commonly charge fees for late submissions to encourage compliance with reporting requirements, which are essential for monitoring performance and calculating royalties. The potential for an annual increase in the Late Report Fee means that the cost of late submissions could rise over time, further incentivizing timely reporting.