What is the maximum interest rate charged on late payments to Crisp & Green?
Crisp_Green Franchise · 2024 FDDAnswer from 2024 FDD Document
Crisp & Go Location fee is due upon our approval of you to operate a Crisp & Go Location. The Crisp & Go Location fee is fully earned by us upon payment and is non-refundable.
- 6.05 Interest On Late Payments; Late Fee. A late fee of $50 will be imposed upon you for each instance in which you fail to pay any amount owed to us when due. All amounts which you owe us or any of our Affiliates, shall bear interest after their due date at the highest contract rate of interest permitted by law, not to exc
Source: Item 23 — RECEIPTS (FDD pages 66–252)
What This Means (2024 FDD)
According to Crisp & Green's 2024 Franchise Disclosure Document, a franchisee may be charged interest on late payments. Specifically, any amount owed to Crisp & Green or its affiliates will bear interest after the due date. This interest will be calculated at the highest contract rate permitted by law, but it will not exceed 1.5% per month.
In addition to interest on late payments, Crisp & Green also imposes a late fee. The FDD states that a $50 late fee will be charged for each instance in which a franchisee fails to pay any amount owed when it is due.
It is important to note that failure to pay all amounts when due constitutes grounds for termination of the Franchise Agreement, as detailed in Section 14 of the agreement. Therefore, franchisees must ensure timely payments to avoid penalties, interest charges, and potential termination of their franchise agreement.