In the Exit FDD receipt, what signatures are required from witnesses?
Exit Franchise · 2025 FDDAnswer from 2025 FDD Document
| Witness Signature | Date | Sales Representative Signature | Date |
|---|---|---|---|
| Sales Representative Name | |||
| Witness Print Name | |||
| Witness Signature | Date | Franchisee Signature Franchisee Name | Date |
| Witness Print Name |
Source: Item 23 — RECEIPT (FDD pages 42–235)
What This Means (2025 FDD)
According to Exit's 2025 Franchise Disclosure Document, the receipt necessitates specific signatures and information from witnesses. The receipt includes fields for the witness's signature, the date of signing, the witness's printed name, the franchisee's signature, and the franchisee's printed name, along with the date of signing. This indicates that the franchisee's signature on the receipt must be witnessed.
This requirement ensures that there is a third-party verification of the franchisee's acknowledgment of receiving the disclosure document. Having a witness signature can help to prevent disputes or claims that the franchisee did not receive or understand the document. It also adds a layer of formality to the process, emphasizing the importance of the document and the franchisee's understanding of its contents.
While witness requirements are not uncommon in legal and contractual agreements, prospective Exit franchisees should pay close attention to these requirements. They should ensure that all signatures and dates are accurately recorded to avoid any potential issues or disputes in the future. It is also important to understand the role and responsibilities of the witness, as their signature serves as an attestation to the franchisee's acknowledgment of the document.