Does the surety and guarantee for the Crisp & Green Area Development Agreement extend to the dispute resolution provisions of the 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 surety and guarantee for the Area Development Agreement does extend to the dispute resolution provisions. Specifically, the guarantor is responsible for ensuring the developer adheres to all terms and conditions within the agreement.
This means that if a Crisp & Green area developer fails to meet their obligations, including those related to dispute resolution, the surety and guarantor are liable for the developer's payment of all amounts and the performance of the covenants, terms, and conditions in the Area Development Agreement. This provides Crisp & Green with an additional layer of security, ensuring that the terms of the Area Development Agreement are upheld.
For a prospective Crisp & Green area developer, this highlights the importance of understanding all aspects of the Area Development Agreement, including the dispute resolution provisions. It also emphasizes the significance of the surety and guarantee, as it extends to these provisions, potentially creating financial obligations for the guarantor if the developer fails to comply.