For a Crisp & Green franchise, what is the deadline for signing the franchise agreement for the third restaurant?
Crisp_Green Franchise · 2024 FDDAnswer from 2024 FDD Document
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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Source: Item 23 — RECEIPTS (FDD pages 66–252)
What This Means (2024 FDD)
According to the 2024 Crisp & Green Franchise Disclosure Document, the deadline for signing the franchise agreement for the third restaurant is determined by the Development Schedule outlined in the Rider to the Development Agreement. Time is of the essence for signing each Franchise Agreement as dictated by this schedule. The Development Schedule in the Rider specifies the dates by which each franchise agreement must be signed.
If a franchisee fails to sign a Franchise Agreement according to the dates in the Development Schedule, Crisp & Green has the discretion to terminate the Development Agreement or alter the Development Area. The franchisee cannot open a Franchised Restaurant unless they have entered into Crisp & Green's current form of Franchise Agreement and met all obligations under existing Franchise Agreements.
Prospective franchisees should carefully review the Development Schedule in the Rider to understand the specific deadlines for signing franchise agreements for each restaurant, including the third. Missing these deadlines could result in losing development rights or termination of the agreement. Franchisees should also be aware that the form of the Franchise Agreement may change over time, although no initial franchise fee will be required under any of those agreements.