When is the late fee from Endless Summer Sweets due?
Endless_Summer_Sweets Franchise · 2024 FDDAnswer from 2024 FDD Document
| Type of Fee | Amount | Due Date | Remarks |
|---|---|---|---|
| $100 plus interest on | On demand | We may charge a late fee if you fail to | |
| the unpaid amount at | make a required payment when due. | ||
| a rate equal to 18% | |||
| per year (or, if such | |||
| payment exceeds the | |||
| maximum allowed | |||
| by law, then interest | |||
| at the highest rate | |||
| allowed by law) | |||
| $30 (or, if such | |||
| amount exceeds the | |||
| maximum allowed | |||
| by law, then the | |||
| maximum allowed | |||
| by law) |
Source: Item 6 — Other Fees (FDD pages 7–10)
What This Means (2024 FDD)
According to Endless Summer Sweets's 2024 Franchise Disclosure Document, a late fee may be charged if a franchisee fails to make a required payment when it is due. The late fee, in addition to interest on the unpaid amount, is due on demand. The interest rate is 18% per year, but if that exceeds the maximum allowed by law, the interest rate will be the highest rate allowed by law.
In addition to the late fee and interest, Endless Summer Sweets may also charge a flat $30 fee (or the maximum amount allowed by law, if less) for late payments. This means that franchisees need to prioritize timely payments to avoid these additional charges, which can quickly add up with interest and other fees.
It is important for prospective Endless Summer Sweets franchisees to understand the payment terms and due dates for all fees to avoid incurring late fees and interest charges. Franchisees should also be aware of the potential for changes in payment methods, as Endless Summer Sweets reserves the right to require alternative payment methods.