What does each person executing the Engel & Volkers Release warrant and represent?
Engel_Volkers Franchise · 2025 FDDAnswer from 2025 FDD Document
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- Authority of Parties. Each person executing this Release on behalf of a party hereto warrants and represents that they are duly authorized to execute this Release on behalf of such party.
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- No Prior Assignments. Franchisee [and Owner each] represents and warrants that Franchisee [and Owner] has not previously assigned or transferred, or attempted to assign or transfer, to any third party any of the Claims which are the subject of this Release, all of such Claims being released.
Source: Item 22 — CONTRACTS (FDD page 88)
What This Means (2025 FDD)
According to Engel & Volkers's 2025 Franchise Disclosure Document, any person signing the Release on behalf of a party warrants that they are authorized to do so. This means the individual has the legal right and permission to execute the document for the entity they represent, whether it's the franchisee or another related party. This ensures the Release is legally binding and enforceable.
Additionally, the person signing the Release warrants that neither the Franchisee nor the Owner has previously assigned or transferred any of the claims that are the subject of the Release to a third party. This means that the Franchisee and Owner still possess the rights to the claims being released and have not given those rights to someone else. This prevents other parties from later claiming rights related to the released claims.
These warranties are crucial for Engel & Volkers to ensure the Release is valid and protects them from future claims. A prospective franchisee should understand the implications of these warranties and ensure they have the authority to sign and that no prior assignments of claims have occurred.