What fees must a Deck Medic franchisee pay to renew their franchise agreement?
Deck_Medic Franchise · 2024 FDDAnswer from 2024 FDD Document
urrent individual guaranty agreement and other agreements ancillary to the Renewal Franchise Agreement that Franchisee's Owners and their Spouses, respectively, must agree to, sign and deliver to Franchisor within 30 days of the date of delivery by Franchisor to Franchisee.
- "Renewal Fee" shall have the meaning defined and set forth in Article 15.A. of this Agreement. The Renewal Fee is a fixed sum of $3,500.
- "Renewal Franchise Agreement" refers to and means Franchisor's then current form Franchise Agreement for the Renewal Term that Franchisee must agree to, sign, and deliver to Franchisor within 30 days of the date of delivery by Franchisor to Franchisee, along with payment of the Renewal Fee.
- "Renewal Notice" shall have the meaning defined and set forth in Article 15.B.
- "Renewal Term" refers to and means the 10 yea
Source: Item 23 — RECEIPTS (FDD pages 43–228)
What This Means (2024 FDD)
According to Deck Medic's 2024 Franchise Disclosure Document, a franchisee must pay a renewal fee to renew their franchise agreement. The Renewal Fee is a fixed sum of $3,500. The franchisee must agree to, sign, and deliver the Renewal Franchise Agreement to Deck Medic within 30 days of receiving it from the franchisor, along with payment of the Renewal Fee.
The Renewal Term for a Deck Medic franchise is 10 years, commencing after the expiration of the original term. This renewal is only applicable if the franchisee is eligible and chooses to exercise their renewal rights according to the terms and conditions outlined in the agreement.
It is important for prospective Deck Medic franchisees to understand the conditions and requirements for renewal, ensuring they meet all obligations to maintain their franchise rights for an additional 10-year term. Franchisees should carefully review Article 15 of the franchise agreement, as referenced in Item 23, to fully understand the renewal process and their rights.