What documents must be signed on the same day as the Franchise Disclosure Questionnaire for an Extreme Art Studio franchise?
Extreme_Art_Studio Franchise · 2024 FDDAnswer from 2024 FDD Document
As you know, Extreme Art Franchise Systems, LLC ("we" or "us"), and you are preparing to enter into a Franchise Agreement and Multi-Franchise Addendum, if applicable, for the operation of an Original Extreme Art franchise. You cannot sign or date this questionnaire the same day as the Receipt for the Franchise Disclosure Document, but you must sign and date it the same day you sign the Franchise Agreement and Multi-Franchise Addendum, if applicable. Please review each of the following questions carefully and provide honest responses to each question. If you answer "No" to any of the questions below, please explain your answer in the table provided below.
Do not sign this Questionnaire if you are a resident of Maryland or the franchise is to be operated in Maryland.
Source: Item 23 — RECEIPTS (FDD pages 49–214)
What This Means (2024 FDD)
According to the 2024 Extreme Art Studio Franchise Disclosure Document, if you are preparing to enter into a Franchise Agreement and Multi-Franchise Addendum, if applicable, for the operation of an Original Extreme Art franchise, you must sign and date the Franchise Disclosure Questionnaire the same day you sign the Franchise Agreement and Multi-Franchise Addendum, if applicable. However, you cannot sign or date the questionnaire the same day as the Receipt for the Franchise Disclosure Document.
This means that a prospective Extreme Art Studio franchisee will need to plan accordingly to ensure that the Franchise Disclosure Questionnaire, Franchise Agreement, and Multi-Franchise Addendum (if applicable) are all signed on the same day. This requirement is in place to ensure that the franchisee is fully informed and has had sufficient time to review all relevant documents before making a final commitment.
It is important to note that this requirement does not apply to residents of Maryland or franchises to be operated in Maryland, as explicitly stated in the FDD. Additionally, the FDD specifies that the questionnaire cannot be signed on the same day as the Receipt for the Franchise Disclosure Document, emphasizing the importance of allowing sufficient time for review and consideration after receiving the FDD.