What does the Crave Food Truck Addendum say about the acknowledgement of receipt and sufficiency?
Crave Franchise · 2025 FDDAnswer from 2025 FDD Document
NOW, THEREFORE, in consideration of the mutual promises contained in the Franchise Agreement and this Addendum, and for good and valuable considerations in hand paid by each of the parties to the others, the receipt and sufficiency of which the parties acknowledge, the parties agree as follows:
Source: Item 23 — RECEIPTS (FDD pages 63–253)
What This Means (2025 FDD)
According to Crave's 2025 Franchise Disclosure Document, the Food Truck Addendum acknowledges the receipt and sufficiency of the mutual promises and considerations exchanged between Crave and the franchisee. This acknowledgement is part of the agreement where the franchisee elects to operate their Crave franchise from a food truck with Crave's consent, leading to an amendment of the original franchise agreement. This indicates that both parties agree that they have received adequate value and consideration for entering into the amended agreement.
Specifically, the addendum modifies sections of the original franchise agreement related to the accepted location and designated territory. For a food truck operation, there is no 'accepted location' as there would be for a fixed restaurant. The designated territory is defined in Exhibit A of the addendum, with a clarification that non-traditional sites within the territory require prior written permission from Crave to operate the food truck there.
This acknowledgement of receipt and sufficiency is a standard legal clause, confirming that both Crave and the franchisee willingly enter the agreement with a clear understanding of the benefits and obligations. It aims to prevent future disputes over whether adequate consideration was provided by either party. The franchisee should carefully review the entire Food Truck Addendum and its exhibits to fully understand the terms and conditions that apply to their food truck franchise.