Under what conditions can either party terminate the Engel & Volkers Administrative Location Addendum for convenience during its term?
Engel_Volkers Franchise · 2025 FDDAnswer from 2025 FDD Document
- 5.2 Notwithstanding anything set forth in Section 5.3 below, each party may terminate this Administrative Location Addendum for convenience during the Term by providing at least thirty (30) days written notice to the other party.
Source: Item 22 — CONTRACTS (FDD page 88)
What This Means (2025 FDD)
According to the 2025 Engel & Volkers Franchise Disclosure Document, both the franchisee and Engel & Volkers have the right to terminate the Administrative Location Addendum for convenience during its term. This can be done by providing a written notice of at least thirty days to the other party.
This provision offers flexibility to both parties. The franchisee might want to terminate the addendum if the administrative location is no longer needed or financially viable. Engel & Volkers might want to terminate it if the location does not align with their strategic goals.
It is important to note that the termination for convenience is distinct from termination due to non-compliance or the expiration/termination of the Franchise Agreement itself, which would automatically terminate the addendum. This thirty-day notice period allows for a smooth transition and minimizes disruption to either party's operations.