Who is released by the Cool Binz Franchisor in the mutual release agreement?
Cool_Binz Franchise · 2025 FDDAnswer from 2025 FDD Document
tate], and [Corp/LLC,] ("Franchisee") and shall be effective as of the date of the last signature below.
W I T N E S S E T H:
WHEREAS, FRANCHISOR and FRANCHISE OWNER(S) entered into Franchise Agreement on the [date] (the "Franchise Agreements") for the operation of a COOL BINZ business in a defined territory(s) in the state of [State] (the "Business"), which Franchise Agreements is being renewed;
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by and between each of the parties, it is agreed and understood as follows:
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- FRANCHISE OWNER(S) and FRANCHISOR have agreed upon new renewal Franchise Agreements, to be executed contemporaneously with this Mutual Release, which will replace your original Franchise Agreements, thus continuing FRANCHISE OWNER(S) rights to operate a COOL BINZ business within a Territory, as defined in the Franchise Agreement in the State of [State].
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- In reliance upon the execution of renewal Franchise Agreements, the parties agree to the following mutual releases:
- A. FRANCHISE OWNER(S) and FRANCHISEE, for themselves and for their employees, agents, heirs, successor and assigns, and for every other person, firm, entity, and/or corporation succeeding to the interest of FRANCHISE OWNER(S) and/or FRANCHISEE, hereby releases, acquits, and forever discharges FRANCHISOR and its directors, officers, shareholders, employees, agents, legal representatives, successors and assigns, and every other person, firm, entity, and/or corporation succeeding to its interests, f
Source: Item 23 — RECEIPTS (FDD pages 63–238)
What This Means (2025 FDD)
According to Cool Binz's 2025 Franchise Disclosure Document, in the mutual release agreement, the Franchise Owner(s) and/or Franchisee release Cool Binz International, LLC (referred to as FRANCHISOR) and its directors, officers, shareholders, employees, agents, legal representatives, successors, and assigns. This release covers any and all claims, actions, causes of action, demands, costs, losses, expenses, and suits of every kind that the Franchise Owner(s) and/or Franchisee may have against Cool Binz. This includes claims related to any acts or omissions of Cool Binz that occurred before the date of the release.
This agreement is made with the understanding that the Franchise Owner(s) and Cool Binz have agreed upon new renewal Franchise Agreements, which will replace the original agreements. This allows the Franchise Owner(s) to continue operating a Cool Binz business within a defined territory, as specified in the Franchise Agreement. The mutual release is contingent upon the execution of these renewal Franchise Agreements.
This type of release is a common practice in franchise renewals to ensure a clean slate moving forward. It protects Cool Binz from potential past liabilities while allowing the franchisee to continue operating under updated terms. A prospective franchisee should carefully review the release and understand its implications, particularly regarding any existing disputes or potential claims they may have against Cool Binz before signing the release.