When is the late fee for Endless Summer Sweets payments due?

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 consists of $100 plus interest on the unpaid amount. The interest rate is 18% per year, unless the payment exceeds the maximum allowed by law, in which case the interest will be at the highest rate allowed by law. The late fee is due on demand.

This means that if an Endless Summer Sweets franchisee misses a payment, they will incur an immediate late fee of $100, in addition to accruing interest on the outstanding balance at a potentially high rate. The franchisor can demand immediate payment of this late fee, putting additional financial pressure on the franchisee.

Franchisees should ensure they understand the payment schedule and have systems in place to make timely payments to avoid these charges. It is also important to be aware of the maximum interest rates allowed by law in their specific jurisdiction, as this could impact the total amount of the late fee.