What signatures and printed names are required on the Dryer Vent Squad franchise agreement?
Dryer_Vent_Squad Franchise · 2024 FDDAnswer from 2024 FDD Document
Franchise Agreement Exhibit 1 Owner Agreement and Individual Guaranty
OWNER AGREEMENT AND INDIVIDUAL GUARANTY
This Franchise Owner Agreement and Individual Guaranty (the "Agreement") is individually entered into by you as an owner of __________________________ (hereinafter referred to as "Franchisee"), and is given and signed by you in favor of DVS Holdings, Inc., franchisor of the Dryer Vent Squad franchise system and in favor of DVS Holdings, Inc., successors and assigns, upon the terms and conditions set forth in this Agreement. In this Agreement DVS Holdings, Inc.is referred to as "us", "our" or "we", and each individual that signs this Agreement is referred to as "you".
Recitals and Representations
WHEREAS, Franchisee has entered into a Dryer Vent Squad Business Franchise Agreement (the "Franchise Agreement") for the development and operation of a business (the "Franchised Business" or "Dryer Vent Squad Business") that offers and provides cleaning, repair and maintenance services for dryer vents, kitchen and bathroom vents, and related services and products (the "Approved Services and Products") under the Licensed Marks (defined below);
WHEREAS, you have received and have thoroughly reviewed the completed Franchise Agreement, including Schedules and Exhibits attached to the Franchise Agreement;
WHEREAS, we have recommended that you thoroughly review the Franchise Agreement, this Agreement and all exhibits and schedules to the Franchise Agreement with a lawyer selected and hired by you;
Source: Item 23 — RECEIPTS (FDD pages 51–207)
What This Means (2024 FDD)
Based on the 2024 Dryer Vent Squad Franchise Disclosure Document, Exhibit 1 is the Owner Agreement and Individual Guaranty. This agreement is entered into by the owner of the franchisee in favor of DVS Holdings, Inc., the franchisor. The agreement specifies that each individual signing it is referred to as "you."
This agreement requires the franchisee owner's signature, acknowledging their obligations and responsibilities to the franchisor. It also serves as an individual guaranty, ensuring that the owner personally guarantees the franchisee's performance under the Franchise Agreement. This is a standard practice in franchising, as it provides the franchisor with an additional layer of security and recourse in case of default by the franchisee.
Prospective Dryer Vent Squad franchisees should carefully review this agreement with their legal counsel to fully understand their obligations and potential liabilities. The agreement underscores the importance of the owner's active involvement and commitment to the success of the Dryer Vent Squad franchise.