What is the name of the standard form of General Release used by Crown Gold Exchange?
Crown_Gold_Exchange Franchise · 2024 FDDAnswer from 2024 FDD Document
Attachment 5 to Franchise Agreement
FORM OF GENERAL RELEASE
[This is our current standard form of General Release. This document is not signed when you purchase a franchise. In circumstances such as a renewal of your franchise or as a condition of our approval of a sale of your franchise, we may require you to sign a general release.]
This General Release ("Release") is executed by the undersigned ("Releasor") in favor of Goldmember, LLC, a Idaho limited liability company ("Crown Gold Franchising").
Background Statement: [describe circumstances of Release]
Releasor agrees as follows:
- **1.
Source: Item 22 — CONTRACTS (FDD pages 38–39)
What This Means (2024 FDD)
According to the 2024 Crown Gold Exchange Franchise Disclosure Document, Attachment 5 to the Franchise Agreement is the standard form of General Release. The document clarifies that this release is not signed when initially purchasing a franchise. However, Crown Gold Exchange may require a franchisee to sign it in circumstances such as a franchise renewal or as a condition for approving the sale of the franchise.
The General Release is executed by the Releasor in favor of Goldmember, LLC, which is referred to as Crown Gold Franchising. The document includes a section for a background statement to describe the circumstances of the release.
Prospective franchisees should understand that they may be required to sign this release under certain conditions during their time as a franchisee. It is advisable to carefully review the terms of the General Release and seek legal counsel to fully understand its implications before signing.