What is the due date for the Dryer Vent Squad reimbursement fee?
Dryer_Vent_Squad Franchise · 2024 FDDAnswer from 2024 FDD Document
| Type of (Note 1) | Amount | Due Date | Remarks |
|---|---|---|---|
| including audit, legal, travel and reasonable accommodations. | |||
| Quality Assurance Audit | Actual costs incurred by us | As invoiced | Payable if we engage a third party to perform periodic quality assurance audits, including mystery shopper programs. |
| Collections | Actual fees, costs, and expenses | On demand | For costs and expenses incurred by us in collecting fees due to us, and/or to enforce the terms of the franchise agreement or a termination of the franchise agreement. Includes costs and expenses of re-inspections required by quality assurance audit. |
| Reimbursement | Costs and expenses incurred by us, plus 10% of the costs and expenses incurred | 14 days of invoice | You shall reimburse us for costs and expenses incurred if we pay any amount that you owe or are required to pay to a third party, plus an additional fee of 10% of the costs and expenses incurred by us. |
| Transfer | Either: (a) $5,000 if the transferee is an existing franchisee; or (b) $12,500 for all other transfers | On demand | Payable if we approve your transfer request and upon signing our then current franchise agreement. |
| Renewal | 5% of our then current initial franchise fee | On signing renewal franchise agreement | Payable if we approve your renewal request and upon signing our then current franchise agreement. |
Source: Item 6 — OTHER FEES (FDD pages 16–21)
What This Means (2024 FDD)
According to the 2024 Dryer Vent Squad Franchise Disclosure Document, the reimbursement fee is due 14 days from the date of the invoice. This fee applies when Dryer Vent Squad pays an amount that a franchisee owes to a third party.
In addition to covering the original debt, Dryer Vent Squad also charges an additional fee of 10% of the costs and expenses they incurred. This means that if Dryer Vent Squad pays a franchisee's $1,000 debt to a supplier, the franchisee would owe Dryer Vent Squad $1,100, due within 14 days of the invoice date.
It is important for prospective Dryer Vent Squad franchisees to understand this policy, as failing to reimburse Dryer Vent Squad within the specified timeframe could lead to additional penalties or legal action. Franchisees should maintain open communication with Dryer Vent Squad and any third-party vendors to avoid situations where Dryer Vent Squad needs to cover outstanding debts.