What is the required form for any modification or waiver of the Cool Binz Mutual Release?
Cool_Binz Franchise · 2025 FDDAnswer from 2025 FDD Document
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- you, your principals, and the transferee (if we have a prior relationship with the transferee) have signed a general release, in a form satisfactory to us, of any and all claims against us and our shareholders, officers, directors, employees, and agents (such requirement to sign a general release is subject to change in our sole discretion);
Source: Item 23 — RECEIPTS (FDD pages 63–238)
What This Means (2025 FDD)
According to Cool Binz's 2025 Franchise Disclosure Document, in the context of transferring a franchise, the transferring franchisee, their principals, and the transferee must sign a general release of claims against Cool Binz. This release must be in a form that is satisfactory to Cool Binz.
This requirement is subject to change at Cool Binz's sole discretion, meaning they can modify or waive this requirement. The FDD does not specify a particular form or process required for any modification or waiver of the general release.
As a prospective franchisee, it would be prudent to ask Cool Binz about the specific circumstances under which they might modify or waive the general release requirement, and what form any such modification or waiver would need to take. Understanding Cool Binz's flexibility on this issue could be important when planning for a future transfer of the franchise.