When is the renewal fee for an Engel & Volkers franchise due?
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' 2025 Franchise Disclosure Document, to renew the franchise, a franchisee must pay a renewal fee. The FDD states that the franchisee must serve written notice on Engel & Volkers at least 6 months before the expiration of the current term, comply with all provisions of the Franchise Agreement and other agreements with them, sign the then current form of Franchise Agreement, sign a general release and pay a renewal fee.
It is important to note that the franchisee may be asked to sign a contract with materially different terms and conditions than their original contract. This means that the renewal fee, along with other terms, could change when the franchise agreement is up for renewal.
Prospective franchisees should carefully consider these requirements and the potential for changes in the franchise agreement when evaluating the Engel & Volkers franchise opportunity. Understanding the conditions for renewal, including the timing of the renewal fee payment, is crucial for long-term planning and financial stability.