How is the Cool Binz Late Report Fee collected?
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 collected through automatic debit. The fee is $50 per day that a report is late. This debit occurs on the Friday (or any day Cool Binz designates) after the report's due date.
This means that if a Cool Binz franchisee submits a report late, they will be charged $50 for each day the report is overdue. The amount will be automatically withdrawn from their account on the Friday immediately following the missed deadline, or on another day Cool Binz specifies. Franchisees need to ensure they submit reports on time to avoid these charges, and also maintain sufficient funds in their account to cover the automatic debit.
It's also important to note that Cool Binz has the right to increase the Late Report Fee by up to 10% each year of the franchise term. This means the cost of late reporting could rise over time, making timely submission even more critical for franchisees to manage their expenses. Franchisees should factor in potential increases to this fee when budgeting and planning their business operations.