What is the late fee charged by Endless Summer Sweets for late payments?
Endless_Summer_Sweets Franchise · 2024 FDDAnswer from 2024 FDD Document
Franchisee shall pay all taxes when due.
If Franchisee borrows money, it shall comply with the terms of its loan and make all loan payments when due.
If Franchisee leases the Location, Franchisee shall comply with its lease for the Location and make all rent payments when due.
14.3 Effect of Termination. Upon termination or expiration of this Agreement, all obligations that by their terms or by reasonable implication survive termination, including those pertaining to non-competition, confidentiality, indemnity, and dispute resolution, will remain in effect, and Franchisee must immediately:
(i) pay all amounts owed to Franchisor;
Source: Item 23 — RECEIPTS (FDD pages 39–125)
What This Means (2024 FDD)
Based on the 2024 Endless Summer Sweets Franchise Disclosure Document, the excerpts provided do not specify a particular late fee amount or percentage. However, the document does emphasize the franchisee's responsibility to make all payments on time, including taxes, loan payments, and rent. The franchise agreement also stipulates that upon termination, the franchisee must pay all amounts owed to the franchisor.
While a specific late fee is not mentioned, the FDD highlights the importance of adhering to payment schedules and complying with financial obligations. Failure to meet these obligations could potentially lead to consequences such as breach of contract or termination of the franchise agreement.
Prospective Endless Summer Sweets franchisees should inquire directly with the franchisor about the specific late fee policy, including any applicable charges or penalties for overdue payments. Understanding these financial obligations is crucial for managing cash flow and maintaining a positive relationship with the franchisor.