Can the Corcoran Security Agreement be amended orally?

According to the 2025 Corcoran Franchise Disclosure Document, the Security Agreement between the franchisee (Debtor) and Corcoran Group LLC (Secured Party) cannot be amended orally. The FDD explicitly states that any changes or modifications to the Security Agreement must be documented in writing and signed by both parties involved. This requirement ensures that all amendments are clear, unambiguous, and legally enforceable, protecting both the franchisee and Corcoran.

This provision is typical in franchise agreements and other legally binding contracts. Requiring written amendments prevents misunderstandings or disputes that could arise from relying on verbal agreements. It also provides a clear record of any changes made to the original agreement, which can be crucial in the event of a disagreement or legal action.

For a prospective Corcoran franchisee, this means that any negotiation or agreement to alter the terms of the Security Agreement must be formally documented in writing and signed by both the franchisee and Corcoran to be valid. Franchisees should be diligent in ensuring that any agreed-upon changes are properly documented to avoid potential future conflicts or misunderstandings.