Does the Crisp & Green personal guaranty agreement include the dispute resolution provisions of the Area Development Agreement?
Crisp_Green Franchise · 2024 FDDAnswer from 2024 FDD Document
y company DEVELOPER & PRINCIPAL OWNERS If an Entity: (Name of Entity) Print Name: *Effective Date: Print Name: Print Name: Individually and as a Principal Owner Print Name: Individually and as a Principal Owner Print Name: Individually and as a Principal Owner If individuals: (Signature) (Print Name) (Signature) (Print Name)
EXHIBIT A PERSONAL GUARANTY AND AGREEMENT TO BE BOUND PERSONALLY BY THE TERMS AND CONDITIONS OF THE AREA DEVELOPMENT AGREEMENT
| In consideration of the execution of the Area Development Agreement (the "Agreement") | |
|---|---|
| between CRISP & | |
| GREEN FRANCHISING LLC | |
| ("we" or "us") and (the | |
| "Developer"), dated, and for other good and valuable consideration, the |
Source: Item 23 — RECEIPTS (FDD pages 66–252)
What This Means (2024 FDD)
According to Crisp & Green's 2024 Franchise Disclosure Document, the personal guaranty agreement does include the dispute resolution provisions of the Area Development Agreement. As stated in Item 23, the guarantor becomes surety for the payment of all amounts and the performance of the covenants, terms, and conditions in the Area Development Agreement, including dispute resolution provisions.
This means that if a franchisee defaults on their obligations under the Area Development Agreement, the guarantor is responsible for ensuring all payments are made and all terms are fulfilled. This responsibility extends to adhering to the dispute resolution processes outlined in the Area Development Agreement.
For a prospective Crisp & Green franchisee, this implies that anyone signing a personal guarantee should be fully aware of the Area Development Agreement's terms, especially those related to dispute resolution. Understanding these provisions is crucial, as the guarantor will be bound by them in case of any disputes arising from the franchisee's operations.