How many renewal periods are available 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, an Engel & Volkers franchise has an initial term of 10 years and allows for one renewal period of 10 years.
To renew the franchise agreement, the franchisee must provide written notice to Engel & Volkers at least 6 months before the expiration of the current term. The franchisee must also comply with all provisions of the existing Franchise Agreement and any other agreements with Engel & Volkers. Additionally, the franchisee is required to sign the then-current form of the Franchise Agreement, execute a general release, and pay a renewal fee.
It is important to note that Engel & Volkers may ask the franchisee to sign a contract with materially different terms and conditions than the original contract. This means that the terms of the renewal agreement could be significantly different from the original agreement, potentially impacting the franchisee's obligations and rights. Prospective franchisees should carefully consider this aspect and seek legal counsel to understand the implications of any changes to the franchise agreement during renewal.