In the Engel & Volkers franchise agreement acknowledgement, what information about the franchisee's signature is required?
Engel_Volkers Franchise · 2025 FDDAnswer from 2025 FDD Document
Principal's Acknowledgment
The following party is mentioned in this Agreement as having certain rights and/or duties as a Principal of Franchisee. The following party is signing this Acknowledgment, not as a party, but only to the extent necessary to indicate its or her acceptance of, and agreement to be bound by, the specific rights and duties mentioned in this Agreement.
[signature page follows]
month and year first written above. ENGEL & VÖLKERS AMERICAS, INC. Its: Date of signature: Its: Date of signature: Its: Date of signature: IN WITNESS WHEREOF, the parties have executed this Franchise Agreement as of the day,
Source: Item 22 — CONTRACTS (FDD page 88)
What This Means (2025 FDD)
According to Engel & Volkers' 2025 Franchise Disclosure Document, the franchise agreement includes a section for the Principal's Acknowledgment, which requires the principal to sign, indicating their acceptance of and agreement to be bound by the specific rights and duties mentioned in the agreement. The document also requires the date of the signature. This acknowledgment is not signed as a party to the agreement but to confirm the principal's commitment to their outlined responsibilities.
This acknowledgment ensures that individuals with specific roles or duties within the franchisee's organization are aware of and agree to their obligations under the franchise agreement. By signing the acknowledgment, the principal confirms their understanding and acceptance of these responsibilities, providing an additional layer of accountability.
Prospective Engel & Volkers franchisees should carefully review the sections of the franchise agreement that outline the rights and duties of the principal to fully understand the implications of signing the Principal's Acknowledgment. Franchisees should also ensure that the date of signature is accurately recorded on the document.