What is the timeframe for discharging a levy of execution on a Deka Lash franchise to avoid termination?
Deka_Lash Franchise · 2024 FDDAnswer from 2024 FDD Document
- 10.2 Termination by Us Without Opportunity to Cure. We may immediately terminate this Agreement and any other franchise and related agreements between the parties without other cause, and without giving you an opportunity to cure, if any of the following occur:
- a) Insolvency. You become insolvent, meaning unable to pay your bills in the ordinary course of business as they become due.
Source: Item 23 — RECEIPT (FDD pages 63–234)
What This Means (2024 FDD)
Based on the 2024 Deka Lash Franchise Disclosure Document, the agreement can be terminated by Deka Lash without an opportunity to cure if the franchisee becomes insolvent, meaning they are unable to pay bills in the ordinary course of business as they become due.
However, the FDD does not explicitly state a specific timeframe for discharging a levy of execution to avoid termination. The document focuses on the broader concept of 'insolvency' as a trigger for termination without an opportunity to cure.
A prospective Deka Lash franchisee should seek clarification from the franchisor regarding the specific policies and procedures related to levies of execution and the timeframe allowed for resolution to avoid potential termination. Understanding the franchisor's expectations and any available remedies is crucial for protecting the franchisee's investment and business operations.