What is required for the Cool Binz Release to be effective if signed in counterparts?
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 order to transfer a franchise agreement, the franchisee, their principals, and the transferee must sign a general release. This release must be in a form that is satisfactory to Cool Binz. This release covers any and all claims against Cool Binz, its shareholders, officers, directors, employees, and agents.
This requirement for a general release is subject to change at Cool Binz's sole discretion. This means that Cool Binz can decide to waive this requirement or modify the terms of the release as they see fit.
For a prospective franchisee, this means that when transferring their franchise, they, along with their associated parties and the new franchisee, will likely need to sign a release that absolves Cool Binz from any potential legal claims. Franchisees should carefully review the release and understand its implications before signing, as it could impact their ability to pursue legal action against Cool Binz in the future.