When does the Cool Binz Mutual Release become effective if signed in counterparts?
Cool_Binz Franchise · 2025 FDDAnswer from 2025 FDD Document
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- This Mutual Release may be signed in two (2) or more counterparts, and will be effective when all the parties and signatories have affixed their signatures to two (2) or more of the counterparts and they have been delivered as aforesaid, at which time the counterparts together will be deemed one (1) original document.
Source: Item 23 — RECEIPTS (FDD pages 63–238)
What This Means (2025 FDD)
According to Cool Binz's 2025 Franchise Disclosure Document, the Mutual Release can be signed in counterparts, meaning separate copies. The release becomes effective when all parties have signed two or more copies and those signed copies have been delivered. At that point, all the counterpart copies are considered a single original document.
This means that the release isn't binding until every required signature is obtained on at least one copy, and all signed copies are delivered to the intended recipients. This is a fairly standard clause to ensure all parties are in agreement before the release takes effect.
Prospective Cool Binz franchisees should be aware of this requirement, especially if dealing with multiple signatories or parties in different locations. Ensuring all signatures are obtained and copies are properly delivered is crucial for the Mutual Release to be valid and enforceable.