What is the 'Term' referring to in the Devon Creek franchise agreement?

According to the 2024 Devon Creek Franchise Disclosure Document, the 'Term' refers to the duration of the franchise agreement. During this term, the franchisee has the right to operate their Devon Creek franchise within a specific territory, and the franchisor agrees not to operate or authorize other franchisees to operate within that territory using the same marks, provided the franchisee is not in default and the agreement hasn't been terminated. This grants the franchisee a protected area of operation for the length of the agreement.

However, the franchisor retains certain rights during the term, including the right to offer other services and products not offered under the Devon Creek marks, other lawn care concepts or products under different trademarks, and products or services through alternate channels of distribution, even within the franchisee's territory. The franchisor also reserves the right to service national accounts, potentially offering the franchisee the opportunity to service these accounts under negotiated terms, or servicing them directly or through another franchisee.

Upon expiration of the initial term, the Devon Creek franchisee may have the option to renew the franchise agreement if they meet certain conditions. These conditions include performing required repairs, upgrades, and replacements to conform to current standards, executing a general release of claims against Devon Creek, and paying a successor agreement fee. The agreement may remain in effect on a month-to-month basis if applicable law requires the franchisor to give notice prior to the expiration of the term. However, the franchisor also reserves the right not to enter into a successor agreement if they decide to withdraw from the territory.