What agreements are attached as exhibits to the Deck Medic Franchise Agreement?
Deck_Medic Franchise · 2024 FDDAnswer from 2024 FDD Document
at Franchisor requires from time to time to prevent unauthorized use or disclosure of the Know-How; and (e) shall stop using the Know-How immediately upon the expiration, termination or Transfer of this Agreement. Franchisee agrees that the foregoing covenants shall also apply to: (a) Franchisee's Owners and Spouses and, that Franchisee's
Owners and Spouses shall each execute and deliver to Franchisor the Franchise Owner and Spouse Agreement and Guaranty in the form attached to this Agreement as Exhibit 1; and (b) Franchisee's directors, officers, employees and agents where disclosure of the Know-How was necessary for the operations of the Franchised Business and where such director, officer, employee and/or agent previously executed and timely delivered to Franchisor the Confidentiality Agreement in the form attached as Exhibit 2.
**6.C.
Source: Item 22 — CONTRACTS (FDD pages 42–43)
What This Means (2024 FDD)
According to Deck Medic's 2024 Franchise Disclosure Document, there are specific agreements attached as exhibits to the Franchise Agreement. Exhibit 1 is the Franchise Owner and Spouse Agreement and Guaranty, which owners and spouses must execute and deliver to Deck Medic. Exhibit 2 is a sample form Confidentiality Agreement that Deck Medic may approve for use by the franchisee. Additionally, Exhibit 6 is a copy of the Promissory Note for Initial Franchise Fees, and Exhibit 7 is the security agreement for all of the Franchised Business' assets.
These exhibits are legally binding documents that outline the obligations and responsibilities of the franchisee, their owners/spouses, and employees. The Franchise Owner and Spouse Agreement and Guaranty ensures that these individuals are also bound by the terms of the Franchise Agreement, particularly concerning financial obligations and adherence to brand standards. The Confidentiality Agreement protects Deck Medic's trade secrets and confidential information, preventing unauthorized disclosure or use.
The inclusion of a Promissory Note as an exhibit suggests that Deck Medic offers financing options to franchisees, and this note outlines the terms of repayment for the initial franchise fees. The security agreement further protects Deck Medic's interests by granting them a security interest in the franchisee's business assets. Prospective franchisees should carefully review each exhibit with legal counsel to fully understand their obligations and potential liabilities under these agreements.
It is common practice in franchising to include such exhibits to the franchise agreement. These exhibits provide additional clarity and legal protection for both the franchisor and the franchisee. Franchisees should pay close attention to the details within each exhibit, as they can have significant implications for their business operations and financial obligations.