What is Crown Gold Franchising licensing to the Franchisee?
Crown_Gold_Exchange Franchise · 2024 FDDAnswer from 2024 FDD Document
This Agreement is made between Goldmember, LLC, a Idaho limited liability company ("Crown Gold Franchising"), and Franchisee effective as of the date signed by Crown Gold Franchising (the "Effective Date").
Background Statement:
- A. Crown Gold Franchising and its affiliate WAM Gold LLC have created and own a system (the "System") for developing and operating a one stop shop where customers can sell their gold, silver, diamonds or coins at a reasonable price under the trade name "Crown Gold Exchange".
- B. The System includes (1) methods, procedures, and standards for developing and operating a Crown Gold Exchange business, (2) plans, specifications, equipment, signage and trade dress for Crown Gold Exchange businesses, (3) particular products and services, (4) the Marks, (5) training programs, (6) business knowledge, (7) marketing plans and concepts, and (8) other mandatory or optional elements as determined by Crown Gold Franchising from time to time.
- C. The parties desire that Crown Gold Franchising license the Marks and the System to Franchisee for Franchisee to develop and operate a Crown Gold Exchange business on the terms and conditions of this Agreement.
Source: Item 22 — CONTRACTS (FDD pages 38–39)
What This Means (2024 FDD)
According to Crown Gold Exchange's 2024 Franchise Disclosure Document, Crown Gold Franchising licenses the Marks and the System to the franchisee. The System enables the franchisee to develop and operate a Crown Gold Exchange business under the terms and conditions outlined in the franchise agreement.
The System encompasses various elements crucial for running the business, including methods, procedures, and standards for operating a Crown Gold Exchange. It also includes plans, specifications, equipment, signage, and trade dress. Franchisees also gain access to particular products and services, training programs, business knowledge, and marketing plans and concepts.
Furthermore, Crown Gold Franchising licenses customer data back to the franchisee without charge, but solely for use in connection with the franchisee's Crown Gold Exchange business during the term of the agreement. However, all customer data and other non-public data generated by the Business is Confidential Information and is exclusively owned by Crown Gold Franchising. Franchisees must also use the specified customer data management, sales data management, administrative, bookkeeping, accounting, and inventory control procedures and systems as Crown Gold Franchising may specify in the Manual or otherwise in writing.