What is the length of each renewal period for an Engel & Volkers franchise?
Engel_Volkers Franchise · 2025 FDDAnswer from 2025 FDD Document
| Provision | Section in Franchise Agreement | Summary |
|---|---|---|
| a. Length of the franchise | §19.1 | 10 years |
| term | ||
| b. Renewal or extension of | §§19.2, 19.3 | 1 period of 10 years |
| the term | ||
| c. Requirements for franchisee to renew or extend | §§19.2, 19.3 | Serve written notice on us at least 6 mopnths before expiration of current term, comply with all provisions of Franchise Agreement and other agreements with us, sign the then current form of Franchise Agreement, sign a general release and pay a renewal fee. You may be asked to sign a contract with materially different terms and conditions than your original contract. |
Source: Item 17 — RENEWAL, TERMINATION, TRANSFER, AND DISPUTE RESOLUTION (FDD pages 63–71)
What This Means (2025 FDD)
According to Engel & Volkers's 2025 Franchise Disclosure Document, the renewal period for a franchise is one period of 10 years. This means that after the initial franchise term of 10 years, a franchisee has the option to renew their agreement for an additional 10-year term, provided they meet certain conditions.
To renew the franchise agreement with Engel & Volkers, a franchisee must serve written notice to the company at least six months before the expiration of the current term. Additionally, the franchisee must comply with all provisions of the existing Franchise Agreement and any other agreements they have with Engel & Volkers.
Furthermore, the franchisee is required to sign the then-current form of the Franchise Agreement, which may contain materially different terms and conditions compared to the original contract. They must also sign a general release and pay a renewal fee. This implies that the costs and obligations associated with operating an Engel & Volkers franchise could change upon renewal, and it is crucial for franchisees to carefully review the new agreement before committing to the additional term.