Are Engel & Volkers quotations binding?
Engel_Volkers Franchise · 2025 FDDAnswer from 2025 FDD Document
This Agreement together with the Franchise Agreement constitutes the entire agreement and understanding among the parties hereto with respect to the disclosure of Confidential Information to Recipient and Recipient's non-competition obligations, and shall not be amended except pursuant to a written agreement executed by each of the parties hereto.
Source: Item 22 — CONTRACTS (FDD page 88)
What This Means (2025 FDD)
Based on the 2025 Engel & Volkers Franchise Disclosure Document, the franchise agreement, along with another agreement, constitutes the entire agreement between the parties regarding the disclosure of confidential information and non-competition obligations. This means that any prior quotations or representations not included in these agreements are not binding. Any amendments to the agreement must be made in writing and executed by all parties involved to be considered valid.
This clause protects both Engel & Volkers and the franchisee by ensuring that all obligations and agreements are clearly documented and agreed upon in writing. It prevents either party from later claiming that additional, unwritten agreements or quotations should be enforced. This is a standard practice in franchising to provide clarity and legal certainty.
For a prospective Engel & Volkers franchisee, this means it is crucial to ensure that all agreed-upon terms, conditions, and promises are included in the franchise agreement or its amendments. Any verbal agreements or quotations should be documented in writing and formally incorporated into the agreement to be legally binding. This protects the franchisee's interests and ensures that Engel & Volkers is held accountable for all agreed-upon obligations.