When is the Cool Binz Late Report Fee due?
Cool_Binz Franchise · 2025 FDDAnswer from 2025 FDD Document
| Name of Fee (Note 1) | Amount | Due Date | Remarks (Note 1) |
|---|---|---|---|
| Indemnification | Actual costs, will vary under circumstances | As incurred | You must reimburse us if we are held liable for claims directly or indirectly arising out of your COOL BINZ Business’s operation. Your obligation to indemnify us will survive the termination or expiration of your Franchise Agreement. |
| Costs and | Actual costs, will vary | As incurred | See Note 7. |
| Attorneys’ Fees | under circumstances | ||
| NORA Fee | None currently assessed; if we manage accounts through a national or regional accounts program you will pay up to 5% of Gross Sales | As incurred | See Note 8, and Section 1F of Franchise Agreement |
| Approval of Alternative Suppliers | Actual costs | As incurred | If you ask us to evaluate alternative suppliers of required purchases, you must reimburse us regardless of whether subsequently approve your request. |
| Month in Operation | Min. Monthly Gross Sales Requirement | ||
| 0-12 | none | ||
| 13-24 | $9,750 | ||
| 25-36 | $10,500 | ||
| 37-48 | $12,600 | ||
| 48> | $15,375 | ||
| Name of Fee (Note | Amount | Due Date | Remarks |
| 1) | (Note 1) | ||
| Broker Fee - Resale | If you authorize us to enlist a third-party broker to locate the transferee, there will also be a broker fee, which currently is approximately 10% of the sale price, or $30,000, whichever is higher. | Due upon closing of the sale of the COOL BINZ Business | Payable only if the third party broker located the transferee. Payable to and imposed and collected by us if a broker fee was paid by us to the third party. Payable to and imposed and collected by the broker if we do not pay a broker fee to the third party. This fee is imposed by the third party broker and thus may be increased periodically by the broker. |
| Renewal Term Fee | Our then-current fee, which is presently, 10% of the then-current Initial Franchise Fee | At the time you sign a Franchise Agreement for a renewal term | You will sign our then current Franchise Agreement for the renewal term, which may include materially different terms, including the Royalty rate and/or Territory. We may increase this fee by up to 10% each year of the Term. |
| Renovation, Refurbishing, and Remodeling Fees | Actual Costs | When incurred | We may require you to replace, renew, refurbish, or remodel your leased premises, truck, truck wrap, and equipment to meet our current System Standards and condition requirements at any time during the Term, in our sole discretion, and at your expense. You must maintain all trucks in good working condition at all times. There are no financial limits on this obligation |
| 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. |
| Name of Fee (Note 1) | Amount | Due Date | Remarks (Not |
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 due by automatic debit the Friday (or any day Cool Binz designates) after the report is late. The fee is $50 per day that a report is late.
Cool Binz franchisees should be aware that this fee can increase by up to 10% each year of the term. This means that the cost of submitting late reports could rise significantly over the duration of the franchise agreement.
Franchisees need to ensure timely submission of all required reports to avoid incurring this fee. Setting up reminders and implementing robust reporting processes can help prevent late submissions and the associated costs. The automatic debit system means that Cool Binz will directly withdraw the fee from the franchisee's account, so it's crucial to maintain sufficient funds to cover any potential late fees.