Who is the 'Releasor' in the Endless Summer Sweets General Release?
Endless_Summer_Sweets Franchise · 2024 FDDAnswer from 2024 FDD Document
This General Release ("Release") is executed by the undersigned ("Releasor") in favor of Endless Summer Sweets Franchising, Inc., a California limited liability company ("Franchisor").
Background Statement: [describe circumstances of Release]
Releasor agrees as follows:
- **1.
Release.** Releasor (on behalf of itself and its parents, subsidiaries and affiliates and their respective past and present officers, directors, shareholders, managers, members, partners, agents, and employees (collectively, the "Releasing Parties")) hereby releases Franchisor, its affiliates, and their respective directors, officers, shareholders, employees, and agents (collectively, the "Released Parties") from any and all claims, causes of action, suits, debts, agreements, promises, demands, liabilities, contractual rights and/or obligations, of whatever nature, known or unknown, which any Releasing Party now has or ever had against any Released Party based upon and/or arising out of events that occurred through the date hereof, including without limitation, anything arising out of the Franchise Agreement (collectively, "Claims").
Source: Item 23 — RECEIPTS (FDD pages 39–125)
What This Means (2024 FDD)
According to Endless Summer Sweets' 2024 Franchise Disclosure Document, the 'Releasor' in the General Release is the undersigned party who is executing the release in favor of Endless Summer Sweets Franchising, Inc. The Releasor is acting on behalf of themselves, their parents, subsidiaries, affiliates, and their respective past and present officers, directors, shareholders, managers, members, partners, agents, and employees, collectively referred to as the "Releasing Parties."
In practical terms, this means that any individual or entity signing the General Release is agreeing to release Endless Summer Sweets from any and all claims they may have. This could occur in situations such as a franchise renewal or as a condition for approving the sale of a franchise. The Releasor also agrees not to initiate any legal proceedings against Endless Summer Sweets.
Prospective franchisees should be aware that this General Release is a legally binding document. It is essential to understand the implications before signing, as it waives rights to make future claims against the franchisor. Endless Summer Sweets also represents and warrants that they are the sole owner of all Claims, and that no Releasing Party has assigned or transferred, or purported to assign or transfer, to any person or entity, any Claim; (ii) Releasor has full power and authority to sign this Release; and (iii) this Release has been voluntarily and knowingly signed after Releasor has had the opportunity to consult with counsel of Releasor's choice.