Can the Extreme Art Studio Franchise Agreement be executed in multiple counterparts?
Extreme_Art_Studio Franchise · 2024 FDDAnswer from 2024 FDD Document
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one and the same document.
This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns.
The parties agree that faxed, scanned or electronic signatures shall have the same effect and validity, and may be relied upon in the same manner as original signatures.
Source: Item 22 — CONTRACTS (FDD page 49)
What This Means (2024 FDD)
According to the 2024 Extreme Art Studio Franchise Disclosure Document, the Franchise Agreement can be executed in multiple counterparts. This means that the agreement does not need to be signed on one single document. Each counterpart is considered an original, and all of the counterparts together form a single agreement.
This flexibility allows Extreme Art Studio and the franchisee to sign separate copies of the agreement, which can be useful if the parties are in different locations or have different signing schedules. It also confirms that faxed, scanned, or electronic signatures have the same legal effect and validity as original signatures, streamlining the signing process.
This is a fairly standard practice in franchising and business contracts generally, as it simplifies the logistics of finalizing agreements, especially when dealing with multiple parties or locations. The use of counterparts and electronic signatures can expedite the execution process and reduce administrative burdens for both Extreme Art Studio and its franchisees.