What is required for an agreement relating to the matters covered by the Devon Creek Franchise Agreement to be binding?
Devon_Creek Franchise · 2024 FDDAnswer from 2024 FDD Document
an individual, residing at | | ("Principal(s)"). | and Principal(s) shall be collectively referred to in | | this Agreement as the "Franchisee". | | WHEREAS, Franchisee desires to enter into a franchise agreement with Franchisor for a Devon Creek franchised business ("Franchise Agreement") which will allow Franchisee to conduct internet-based advertising, maintain social media accounts, use software, and use telephone listings linked to the Devon Creek brand.
WHEREAS, Franchisor would not enter into the Franchise Agreement without Franchisee's agreement to enter into, comply with, and be bound by all the terms and provisions of this Agreement;
NOW, THEREFORE, for and in consideration of the foregoing and the mutual promises and covenants contained herein, and in further consideration of the Franchise Agreement and the mutual promises and covenants contained therein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1. Definitions
All terms used but not otherwise defined in this Agreement shall have the meanings set forth in the Franchise Agreement. "Termination" of the Franchise Agreement shall include, but shall not be limited to, the voluntary termination, involuntary termination, or natural expiration thereof.
2. Internet Advertising and Telephone Listings
- 2.1 Interest in Web Sites, Social Media Accounts, Other Electronic Listings and Software.
Source: Item 22 — CONTRACTS (FDD page 45)
What This Means (2024 FDD)
According to the 2024 Devon Creek Franchise Disclosure Document, for an agreement relating to the matters covered by the Devon Creek Franchise Agreement to be binding, the franchisee must agree to enter into, comply with, and be bound by all the terms and provisions of the agreement. This is a condition precedent for Devon Creek to enter into the Franchise Agreement.
Specifically, the franchisee's agreement to adhere to all terms is a crucial factor that Devon Creek considers before offering a franchise. This encompasses various aspects of the franchise operation, including internet-based advertising, social media management, software utilization, and the use of telephone listings associated with the Devon Creek brand.
Furthermore, the document states that after the date of the agreement, the franchisee will perform such acts and execute and deliver such documents as may be necessary to assist in or accomplish the purposes of the agreement. All of Devon Creek's rights and powers, and all franchisee's obligations, under this Agreement shall be binding on franchisee's successors, assigns, and affiliated persons or entities as if they had duly executed this Agreement.