What is the deadline for signing the franchise agreement for the fourth Crisp & Green restaurant?
Crisp_Green Franchise · 2024 FDDAnswer from 2024 FDD Document
nd operation of the Franchised Restaurant.
- B. The Development Fee is consideration for this Agreement and not consideration for any Franchise Agreement, is fully earned by us upon execution of this Agreement, and is nonrefundable. If you fail or choose not to develop any Franchised Restaurant that is permitted under this Agreement, you will not be entitled to any return or refund of the Development Fee or any portion thereof.
3. DEVELOPMENT SCHEDULE.
The following provisions control with respect to your development rights and obligations:
- A. You must comply with the Development Schedule requirements regarding: (i) the execution of the Franchise Agreements; (ii) the opening date for each Franchised Restaurant; and (iii) the cumulative number of Franchised Restaurants to be open and continuously operating for business in the Development Area. If you fail to either sign a Franchise Agreement or to open a Franchised Restaurant according to the dates set forth in the Development Schedule, we, in our sole discretion, may immediately terminate this Agreement under Section 5, or alter your Development Area as described in Section 1.C.
- B. You may not open a Franchised Restaurant under this Agreement unless you meet each of the following conditions (these conditions apply to each Franchised Restaurant to be developed in the Development Area):
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- You must not be in default of this Agreement, any Franchise Agreement entered into under this Agreement, or any other agreement between you or any of your Affiliates and us or any of our Affiliates. You also must have satisfied on a timely basis all monetary
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and material obligations under the Franchise Agreements for all existing Franchised Restaurants.
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- You and we have entered into our then-current form of Franchise Agreement and such other agreements that we require for the grant of CRISP & GREEN franchises for the proposed Franchised Restaurant. You understand that we may modify the then-current form of Franchise Agreement from time to time and that it may be different than the current form of Franchise Agreement, including different fees and obligations;
Source: Item 23 — RECEIPTS (FDD pages 66–252)
What This Means (2024 FDD)
The 2024 Crisp & Green Franchise Disclosure Document states that if a franchisee is granted development rights, they must adhere to a Development Schedule outlined in a Rider. This schedule specifies deadlines for executing Franchise Agreements and opening restaurants. Time is of the essence for signing each Franchise Agreement as set forth in the Development Schedule. If a franchisee fails to sign a Franchise Agreement or open a restaurant by the dates in the Development Schedule, Crisp & Green may terminate the agreement or alter the Development Area.
For each Crisp & Green restaurant to be developed, the franchisee must not be in default of any agreements with Crisp & Green or its affiliates and must have satisfied all monetary and material obligations. The franchisee and Crisp & Green must enter into the then-current form of Franchise Agreement. The franchisee is responsible for identifying and securing sites for each restaurant, subject to Crisp & Green's approval.
However, the FDD does not specify the exact deadline for signing the franchise agreement for the fourth Crisp & Green restaurant. To determine the specific deadline for signing the franchise agreement for the fourth Crisp & Green restaurant, a prospective franchisee should refer to the Development Schedule in the Rider attached to their Development Agreement and/or ask the franchisor directly.