Can the Engel & Volkers Integrated Product Suite be amended, and if so, by whom?
Engel_Volkers Franchise · 2025 FDDAnswer from 2025 FDD Document
Franchisee and Franchisor acknowledge and agree that changes to technology are dynamic and not predictable within the Term. In order to provide for inevitable but unpredictable changes to technological needs and opportunities and changes to the ENGEL & VÖLKERS System, Franchisee agrees that Franchisor shall have the right to add or delete any or all tools, web-based and other technology and software that make up the Integrated Product Suite or any part thereof, and to amend and modify such tools, technology and software as well as the terms for their usage. Franchisor may further establish reasonable new standards for the implementation of technology in the ENGEL & VÖLKERS System, including changes and adaptation to the Integrated Product Suite. Franchisee agrees that it shall adopt any changes or modifications to the Integrated Product Suite and abide by those reasonable modified or new standards established by Franchisor at its sole cost.
Source: Item 22 — CONTRACTS (FDD page 88)
What This Means (2025 FDD)
According to Engel & Volkers' 2025 Franchise Disclosure Document, the Integrated Product Suite can be amended by the Franchisor. Engel & Volkers retains the right to add or delete any tools, web-based technology, and software that comprise the Integrated Product Suite. They can also modify these tools, technologies, and software, including the terms of their usage.
Engel & Volkers may also establish new standards for technology implementation within the Engel & Volkers system, which includes changes and adaptations to the Integrated Product Suite. The franchisee is obligated to adopt these changes or modifications at their own cost and adhere to the new standards set by Engel & Volkers. This ensures that the Engel & Volkers system remains current with technological advancements and market needs.
This ability to modify the Integrated Product Suite allows Engel & Volkers to maintain a competitive edge by adapting to changing technology and market conditions. However, it also places a responsibility on the franchisee to stay updated with these changes and bear the associated costs. Prospective franchisees should factor in potential expenses related to technology upgrades and modifications when evaluating the franchise opportunity.