What are the requirements for an Engel & Volkers franchisee to renew or extend the franchise term?
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, the franchise term is 10 years, with an option for one renewal period of 10 years. To renew the franchise agreement, an Engel & Volkers franchisee must meet several requirements.
First, the franchisee must provide written notice to Engel & Volkers at least six months before the current term expires. This ensures Engel & Volkers has ample time to process the renewal and prepare any necessary documentation.
Second, the franchisee must be in full compliance with all provisions of the existing Franchise Agreement and any other agreements they have with Engel & Volkers. This includes maintaining operational standards, meeting financial obligations, and adhering to brand guidelines. The franchisee will also need to sign the then-current form of the Franchise Agreement, which may contain materially different terms and conditions than the original contract. Finally, the franchisee must sign a general release and pay a renewal fee, though the specific amount of this fee is not detailed in this section.