What must a Deck Medic franchisee acknowledge regarding the fairness and reasonableness of the franchise agreement terms?
Deck_Medic Franchise · 2024 FDDAnswer from 2024 FDD Document
WHEREAS, you represent that you have received and have thoroughly reviewed the completed Franchise Agreement, including Schedules and Exhibits attached to the Franchise Agreement;
WHEREAS, we have recommended that you thoroughly review the Franchise Agreement, this Agreement and all exhibits and schedules to the Franchise Agreement with a lawyer selected and hired by you;
WHEREAS, you represent to us that you are either: (a) an Owner of Franchisee such that you own or control a legal, equitable or beneficial ownership or equity interest in Franchisee and/or otherwise meet the definition of an "Owner" as set forth in this Agreement; and/or (b) the "Spouse" of an Owner of Franchisee;
WHEREAS, you acknowledge that this Agreement will apply to you individually, jointly and severally with all others who sign this Agreement (including if this Agreement is signed in counterparts or electronically among other Owners and Spouses);
WHEREAS, you acknowledge that this Agreement, among other things, personally obligates you to guarantee Franchisee's obligations to us and obligates you to brand protection, confidentiality and noncompetition restrictions and covenants and that you enter into this Agreement to induce us to enter into the Franchise Agreement with Franchisee;
WHEREAS, you acknowledge that we are relying on this Agreement and that without this Agreement we would not have entered into and/or would not be simultaneously entering into the Franchise Agreement with Franchisee;
NOW THEREFORE, to induce us to enter into the Franchise Agreement and as consideration to us for entering into the Franchisee Agreement with Franchisee and other consideration, the receipt and sufficiency of which you acknowledge, you agree as follows:
1. Recitals and Representations.
You agree that the foregoing Recitals and Representations are true and accurate and constitute a material part of this Agreement and are hereby incorporated into the main body of this Agreement.
Source: Item 23 — RECEIPTS (FDD pages 43–228)
What This Means (2024 FDD)
Based on the 2024 Deck Medic Franchise Disclosure Document, franchisees must acknowledge several key aspects of the franchise agreement. Franchisees must confirm they have thoroughly reviewed the completed Franchise Agreement, including all schedules and exhibits. Deck Medic recommends franchisees seek independent legal counsel to review the Franchise Agreement, this Agreement, and all associated exhibits and schedules.
Furthermore, franchisees must represent whether they are an Owner of the Franchisee, holding a legal or equitable interest, or the Spouse of an Owner. They acknowledge that the Franchise Owner and Spouse Agreement and Guaranty applies to them individually, jointly, and severally with all other signatories. This agreement personally obligates them to guarantee the Franchisee's financial and performance obligations to Deck Medic, as well as adhere to brand protection, confidentiality, and non-competition restrictions.
Deck Medic emphasizes that it relies on these acknowledgments and representations. Without the Franchise Owner and Spouse Agreement and Guaranty, Deck Medic would not enter into the Franchise Agreement with the Franchisee. By signing, franchisees agree that the recitals and representations within the agreement are true, accurate, and constitute a material part of the overall agreement.