How does Crown Gold Exchange define an 'Approved Vendor'?

According to Crown Gold Exchange's 2024 Franchise Disclosure Document, an 'Approved Vendor' is defined as a supplier, vendor, or distributor of Inputs that has been approved by Crown Gold Franchising. Inputs are defined as any goods, services, supplies, fixtures, equipment, inventory, computer hardware and software, real estate, or comparable items related to establishing or operating the Crown Gold Exchange business.

Crown Gold Exchange franchisees are generally required to acquire all inputs in accordance with the System Standards, and may be required to purchase or lease any Inputs from Crown Gold Franchising, Crown Gold Franchising's designee, Required Vendors, Approved Vendors, and/or under Crown Gold Franchising's specifications. Crown Gold Franchising retains the right to change any such requirement or change the status of any vendor by issuing the appropriate System Standards.

If Crown Gold Franchising requires a franchisee to purchase a particular Input only from an Approved Vendor or Required Vendor, and the franchisee desires to purchase the Input from another vendor, the franchisee must submit a written request for approval and any information, specifications and/or samples requested by Crown Gold Franchising. Crown Gold Franchising may condition its approval on criteria such as evaluations of the vendor's capacity, quality, financial stability, reputation, and reliability; inspections; product testing, and performance reviews. Crown Gold Franchising will provide the franchisee with written notification of the approval or disapproval of any proposed new vendor within 30 days after receipt of the franchisee's request.

Crown Gold Franchising will not have any liability to the franchisee for any claim or loss related to any product provided or service performed by any Approved Vendor or Required Vendor, including without limitation defects, delays, or unavailability of products or services. Crown Gold Franchising may negotiate prices and terms with vendors on behalf of the System and may receive rebates, payments or other consideration from vendors in connection with purchases by franchisees.