What is the Engel & Volkers agreement's definition of 'Agreement'?
Engel_Volkers Franchise · 2025 FDDAnswer from 2025 FDD Document
This Agreement together with the Franchise Agreement constitutes the entire agreement and understanding among the parties hereto with respect to the disclosure of Confidential Information to Recipient and Recipient's non-competition obligations, and shall not be amended except pursuant to a written agreement executed by each of the parties hereto.
This Agreement shall be binding upon the parties hereto and their respective heirs, administrators, successors and assigns.
Recipient understands that the rights and remedies of Franchisor under this Agreement are fully assignable and transferable and will inure to the benefit of its respective affiliates, successors and assigns.
Recipient further understands and agrees
that Recipient's obligations hereunder may not be assigned by Recipient without the prior written consent of Franchisor.
Source: Item 22 — CONTRACTS (FDD page 88)
What This Means (2025 FDD)
According to the 2025 Engel & Volkers Franchise Disclosure Document, the 'Agreement' refers to the entire understanding between the parties regarding the disclosure of confidential information and non-competition obligations. Specifically, it encompasses both the agreement itself and the Franchise Agreement. This means that all aspects of the relationship, including the use of confidential information and any restrictions on competition, are governed by these documents considered together.
This definition is important for prospective Engel & Volkers franchisees because it clarifies the scope of their obligations and rights. It highlights that the agreement isn't just one document but a combination of documents that must be considered as a whole. Any amendments to this comprehensive agreement must be made in writing and executed by all parties involved, ensuring that all changes are formally documented and agreed upon.
Furthermore, the agreement is binding upon all parties involved, including their heirs, administrators, successors, and assigns. This ensures that the obligations and benefits of the agreement continue even if there are changes in ownership or management. Engel & Volkers retains the right to assign or transfer its rights and remedies under the agreement, while the franchisee's ability to assign their obligations is restricted, requiring prior written consent from Engel & Volkers. This protects Engel & Volkers' interests and ensures that any transfer of the franchise is subject to their approval.