What is the due date for the monthly fee charged by Crown Gold Exchange?
Crown_Gold_Exchange Franchise · 2024 FDDAnswer from 2024 FDD Document
| Type of Fee | Amount | Due Date | Remarks |
|---|---|---|---|
| $1,000 per month | Monthly, by the 5th | See Note 1 and Note 2. | |
| of the following | |||
| month |
Source: Item 6 — OTHER FEES (FDD pages 10–12)
What This Means (2024 FDD)
According to Crown Gold Exchange's 2024 Franchise Disclosure Document, the monthly fee of $1,000 is due monthly, specifically by the 5th of the following month. This means that the fee for January, for example, would be due by February 5th.
Crown Gold Exchange franchisees should be aware of this due date to avoid any late payment penalties or disruptions to their franchise operations. It is also important to note that Crown Gold Exchange currently requires royalty fees and other amounts due to them to be paid by preauthorized bank draft, although they can require an alternative payment method.
Understanding the due dates for fees is crucial for managing the financial obligations of a Crown Gold Exchange franchise. Franchisees should ensure they have sufficient funds available in their account to cover the $1,000 monthly fee by the 5th of each month to maintain compliance with the franchise agreement.