Are the contracts attached to the Dryer Vent Squad Disclosure Document 'in use' or 'proposed for use'?
Dryer_Vent_Squad Franchise · 2024 FDDAnswer from 2024 FDD Document
Amendments to the Dryer Vent Squad Franchise Disclosure Document
Exhibit J "FDD Receipts," is supplemented with the addition of the following:
The Receipt for this Disclosure Document (Exhibit "J") is supplemented to add the following:
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- THIS DISCLOSURE DOCUMENT CONTAINS A SUMMARY ONLY OF CERTAIN MATERIAL PROVISIONS OF THE FRANCHISE AGREEMENT AND THE CONTRACT OR AGREEMENT SHOULD BE REFERRED TO FOR A STATEMENT OF ALL RIGHTS, CONDITIONS, RESTRICTIONS AND OBLIGATIONS OF BOTH THE FRANCHISOR AND THE FRANCHISEE.
Illinois FDD Amendment
Amendments to the Dryer Vent Squad Franchise Disclosure Document
DISCLOSURE REQUIRED BY THE STATE OF ILLINOIS
Illinois law governs the Franchise Agreement.
Franchisee agrees that the foregoing covenants and obligations shall also apply to: (a) Franchisee's Owners and that Franchisee's Owners shall each execute and deliver to Franchisor the Franchise Owner Agreement and Individual Guaranty in the form attached to this Agreement as Exhibit 1; and (b) Franchisee's directors, officers, employees and agents where disclosure of the Confidential Information was necessary for the operations of the Franchised Business and where such director, officer, employee and/or agent previously executed and timely delivered to Franchisor the Confidentiality
Agreement in the form attached as Exhibit 3.
Source: Item 22 — CONTRACTS (FDD page 51)
What This Means (2024 FDD)
The 2024 Dryer Vent Squad Franchise Disclosure Document includes references to agreements that franchisees will be expected to use. Specifically, the Illinois FDD Amendment states that "Illinois law governs the Franchise Agreement." Also, the Hawaii FDD Amendment states that the disclosure document contains a summary of certain material provisions of the franchise agreement and that the contract or agreement should be referred to for a statement of all rights, conditions, restrictions and obligations of both the franchisor and the franchisee.
Exhibit 1 of the franchise agreement includes the Franchise Owner Agreement and Individual Guaranty, which Franchisee Owners must execute and deliver to Dryer Vent Squad. Exhibit 3 is the Confidentiality Agreement, which must be executed by the franchisee's directors, officers, employees, and agents where disclosure of confidential information was necessary for the operations of the franchised business.
These references indicate that the agreements are those that Dryer Vent Squad intends franchisees to use when operating their franchise. Prospective franchisees should carefully review all agreements and exhibits to fully understand their obligations and the franchisor's rights.