What is the relationship between the New York Amendment and the Engel & Volkers Franchise Agreement?
Engel_Volkers Franchise · 2025 FDDAnswer from 2025 FDD Document
| of the Franchise Agreement to the contrary, the Agreement is amended as follows: |
|---|
| Franchisor and Franchisee hereby agree that the Franchise Agreement dated, 20, will |
| be amended as follows: |
| Franchisor |
| and |
| Franchisee |
| are |
| parties |
| to |
| that |
| certain |
| Franchise |
| Agreement |
| dated |
| , 20, that has been signed concurrently with the signing of this Amendment. This |
| Amendment is annexed to and forms part of the Franchise Agreement. This Amendment is being signed |
| because: (a) Franchisee is a resident of the State of New York and its franchise will operate in New York; |
| and/or (b) the offer or sale of the franchise occurred in New York. |
| The following is added to Section 20.1 of the Franchise Agreement: |
| "Franchisee may terminate this Agreement upon any grounds available at |
| law." |
| The following is added to Section 26.1 of the Franchise Agreement: |
Source: Item 22 — CONTRACTS (FDD page 88)
What This Means (2025 FDD)
According to Engel & Volkers' 2025 Franchise Disclosure Document, the New York Amendment is designed to ensure compliance with New York franchise law for franchises operating in New York. The amendment is attached to and forms a part of the Engel & Volkers Franchise Agreement, specifically for franchisees who are residents of New York or whose franchise operations will be based in New York, and/or if the offer or sale of the franchise occurred in New York.
The New York Amendment includes specific stipulations that modify the original franchise agreement. For instance, it adds a clause to Section 20.1 of the Franchise Agreement, stating that "Franchisee may terminate this Agreement upon any grounds available at law." It also adds language to Section 26.1 of the Franchise Agreement. These modifications are intended to protect the franchisee's rights under New York law.
It's important to note that signing the New York Amendment does not automatically subject the parties to New York franchise regulations if the jurisdictional requirements of the New York franchise law are not met. This means that the amendment is only applicable if the franchisee meets specific criteria, such as residency or location of the franchise in New York. The Engel & Volkers FDD includes similar state-specific amendments tailored to comply with franchise laws in other states, such as California, North Dakota, and Rhode Island.