How long does Cool Binz have to approve or disapprove a proposed assignment?
Cool_Binz Franchise · 2025 FDDAnswer from 2025 FDD Document
We shall have 60 days from the date of the written notice to approve or disapprove in writing of your proposed assignment. You acknowledge that the proposed transferee shall be evaluated for approval by us based on the same criteria as is currently being used to assess new franchisees of us and that such proposed transferee shall be provided, if appropriate, with such disclosures as may be required by state or federal law. If we have not given you notice of our approval or disapproval within such period, the request for the transfer or assignment is deemed rejected.
Source: Item 23 — RECEIPTS (FDD pages 63–238)
What This Means (2025 FDD)
According to Cool Binz's 2025 Franchise Disclosure Document, Cool Binz has 60 days from the date of written notice to either approve or disapprove a franchisee's proposed assignment of their franchise agreement. The approval or disapproval must be provided to the franchisee in writing.
If Cool Binz does not provide written notice of approval or disapproval within this 60-day period, the request for transfer or assignment is automatically considered rejected. This means a franchisee cannot assume that silence from Cool Binz constitutes approval.
The FDD also states that Cool Binz will evaluate the proposed transferee using the same criteria it uses to assess new franchisees. Additionally, the proposed transferee will be provided with any disclosures required by state or federal law, if applicable. This ensures that the new franchisee meets Cool Binz's standards and is fully informed about the franchise opportunity.