Under what conditions does Crawlspace Medic charge a $100 late fee?
Crawlspace_Medic Franchise · 2024 FDDAnswer from 2024 FDD Document
| Type of Fee 1 | Amount | Due Date | Remarks |
|---|---|---|---|
| Late Charge | $100 | As incurred | If you fail to pay us the Continuing Royalty Fee, Brand Fund Fee, or if you fail to submit your Gross Revenue report when due, we may charge you $100 for each late submission in addition to interest charges explained below. |
Source: Item 6 — OTHER FEES (FDD pages 10–16)
What This Means (2024 FDD)
According to the 2024 Crawlspace Medic Franchise Disclosure Document, a $100 late fee is charged if a franchisee fails to pay the Continuing Royalty Fee or Brand Fund Fee when due. Additionally, the $100 late fee is incurred if the franchisee fails to submit their Gross Revenue report when it is due. This fee is in addition to any interest charges for the late payment or submission.
This means that as a Crawlspace Medic franchisee, you must ensure that all payments for the Continuing Royalty Fee and Brand Fund Fee are made on time, and that the Gross Revenue report is submitted by the due date to avoid incurring the $100 late fee. These fees are collected weekly via ACH.
Missing these deadlines can result in additional costs beyond the $100 late fee, as interest is also charged on any nonpayment or underpayment. Therefore, it is crucial to maintain organized records and adhere to the payment and reporting schedules set by Crawlspace Medic to manage finances effectively and avoid these penalties.