Is there an example of the LOI for a single territory included in the Crisp & Green FDD?
Crisp_Green Franchise · 2024 FDDAnswer from 2024 FDD Document
elopment Agreement. After you apply to become a franchisee (for a single Restaurant or for multiple Restaurants under an Area Development Agreement) and after the expiration of the 14-day waiting period following your receipt of this disclosure document, you will be required to sign a letter of intent (the "LOI") to evidence your intention to continue towards execution of one or more Franchise Agreements with us. In connection with the LOI you will be required to submit to a background check which includes a criminal/civil record search and a credit
check. We will not countersign a Franchise Agreement or Area Development Agreement until we have received results of the search and check. If we determine that you are unsuitable to run a franchised Restaurant as a result of background check and credit check results, we reserve the right to not accept you as a franchisee and to terminate any agreements between us and you. An example of the LOI for a single territory is attached as Exhibit D to this disclosure document.
Source: Item 7 — ESTIMATED INITIAL INVESTMENT (FDD pages 22–26)
What This Means (2024 FDD)
Yes, according to Crisp & Green's 2024 Franchise Disclosure Document, an example of the Letter of Intent (LOI) for a single territory is included as Exhibit D. After the prospective franchisee applies and the 14-day waiting period expires, they will be required to sign the LOI to show their intention to proceed with a Franchise Agreement.
In connection with the LOI, the prospective franchisee must undergo a background check, including a criminal/civil record search and a credit check. Crisp & Green will not finalize any agreements until the results of these checks are received.
Crisp & Green reserves the right to reject a potential franchisee based on the background and credit check results, and to terminate any existing agreements if the results are unsatisfactory. This process is designed to ensure that all franchisees meet the standards and qualifications set by Crisp & Green.