What is the Development Schedule defined as in the Crisp & Green agreement?
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.
Source: Item 23 — RECEIPTS (FDD pages 66–252)
What This Means (2024 FDD)
According to Crisp & Green's 2024 Franchise Disclosure Document, the Development Schedule outlines specific requirements for a developer regarding the execution of Franchise Agreements, the opening dates for each Crisp & Green restaurant, and the cumulative number of restaurants that must be open and continuously operating in the Development Area. The Development Schedule is detailed in the Rider to the agreement.
Crisp & Green emphasizes the importance of adhering to the Development Schedule, stating that time is of the essence for developing each restaurant and signing each Franchise Agreement as outlined in the schedule. Failure to meet the schedule's requirements for signing agreements or opening restaurants may result in Crisp & Green terminating the agreement or altering the Development Area.
To be compliant with the Development Schedule, only restaurants that are actually opened and continuously operated in the Development Area for at least the first six months after opening will be counted towards the number of restaurants required to be open and operated by the developer. This condition ensures that only actively running locations contribute to fulfilling the development obligations.