What is the purpose of Exhibit J in the Dryer Vent Squad Franchise Disclosure Document?
Dryer_Vent_Squad Franchise · 2024 FDDAnswer from 2024 FDD 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 FRANCHISE WILL BE/HAVE BEEN FILED UNDER THE FRANCHISE INVESTMENT LAW OF THE STATE OF HAWAII. FILING DOES NOT CONSTITUTE APPROVAL, RECOMMENDATION OR ENDORSEMENT BY THE DIRECTOR OF COMMERCE AND CONSUMER AFFAIRS OR A FINDING BY THE DIRECTOR OF COMMERCE AND CONSUMER AFFAIRS THAT THE INFORMATION PROVIDED HEREIN IS TRUE, COMPLETE AND NOT MISLEADING.
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- THE FRANCHISE INVESTMENT LAW MAKES IT UNLAWFUL TO OFFER OR SELL ANY FRANCHISE IN THIS STATE WITHOUT FIRST PROVIDING TO THE PROSPECTIVE FRANCHISEE, OR SUBFRANCHISOR, AT LEAST SEVEN DAYS BEFORE THE EXECUTION BY THE PROSPECTIVE FRANCHISEE, OF ANY BINDING FRANCHISE OR OTHER AGREEMENT, OR AT LEAST SEVEN DAYS BEFORE THE PAYMENT OF ANY CONSIDERATION BY THE FRANCHISEE, OR SUBFRANCHISOR, WHICHEVER OCCURS FIRST, A COPY OF THE DISCLOSURE DOCUMENT, TOGETHER WITH A COPY OF ALL PROPOSED AGREEMENTS RELATING TO THE SALE OF THE FRANCHISE.
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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.
Source: Item 23 — RECEIPTS (FDD pages 51–207)
What This Means (2024 FDD)
According to the 2024 Dryer Vent Squad Franchise Disclosure Document, Exhibit J, titled "FDD Receipts," is supplemented with specific information for prospective franchisees in Hawaii. This exhibit serves to ensure compliance with Hawaii's franchise investment laws.
Specifically, the supplement to Exhibit J includes three key points for potential Dryer Vent Squad franchisees in Hawaii. First, it states that the franchise has been filed under Hawaii's Franchise Investment Law, but this filing does not imply approval, recommendation, or endorsement by the Director of Commerce and Consumer Affairs. It also clarifies that the Director does not guarantee the truthfulness, completeness, or non-misleading nature of the information provided in the document.
Second, it emphasizes that Hawaii law requires prospective franchisees to receive the Disclosure Document and all related agreements at least seven days before signing any binding agreement or making any payment. Finally, the supplement notes that the Disclosure Document is a summary of certain material provisions of the Franchise Agreement, and the actual contract should be consulted for a complete understanding of the rights, conditions, restrictions, and obligations of both Dryer Vent Squad and the franchisee.