What information does Attachment 1 identify and describe regarding the Desi District franchisee?
Desi_District Franchise · 2024 FDDAnswer from 2024 FDD Document
2.3 Franchisee Control. Franchisee represents that Attachment 1 (i) identifies each owner, officer and director of Franchisee, and (ii) describes the nature and extent of each owner's interest in Franchisee. If any information on Attachment 1 changes (which is not a Transfer), Franchisee shall notify Desi District Franchise Group within 10 days.
Source: Item 22 — CONTRACTS (FDD page 52)
What This Means (2024 FDD)
According to Desi District's 2024 Franchise Disclosure Document, Attachment 1 to the franchise agreement requires the franchisee to identify each owner, officer, and director of the franchisee entity. It also requires a description of the nature and extent of each owner's interest in the franchisee.
This attachment serves to provide Desi District with a clear understanding of the franchisee's ownership structure and the individuals responsible for the business. This information is crucial for Desi District to assess the suitability of the franchisee and to understand who has a stake in the business's operations and decisions.
Furthermore, the franchise agreement stipulates that if any information on Attachment 1 changes, and if the change is not considered a transfer of ownership, the franchisee must notify Desi District within 10 days of the change. This ensures that Desi District maintains current information about the franchisee's ownership and management structure throughout the term of the agreement.