Is signing a general release a condition for transferring a Cool Binz franchise in Washington?
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 the 2025 Cool Binz Franchise Disclosure Document, one of the conditions for transferring a franchise is that the franchisee, their principals, and the transferee (if Cool Binz has a prior relationship with the transferee) have signed a general release. This release must be in a form satisfactory to Cool Binz and covers any and all claims against Cool Binz and its shareholders, officers, directors, employees, and agents.
However, the requirement to sign a general release is subject to change at Cool Binz's sole discretion. This means that while it is currently a condition, Cool Binz reserves the right to waive or modify this requirement.
For a prospective Cool Binz franchisee in Washington, this implies that when considering a future transfer of their franchise, they should be prepared to sign a general release. However, they should also be aware that this requirement could change, and they should confirm the current policy with Cool Binz at the time of the transfer.