Can the Extreme Art Studio Owners Agreement be executed in counterparts?
Extreme_Art_Studio Franchise · 2024 FDDAnswer from 2024 FDD Document
- 20. COUNTERPARTS. This Franchise Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original, and all of which taken together shall constitute one and the same agreement.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 Extreme Art Studio's 2024 Franchise Disclosure Document, the Franchise Agreement can be executed in multiple counterparts. This means that each copy of the agreement is considered an original, and all the copies together form a single agreement.
This allows Extreme Art Studio and the franchisee to sign different copies of the same agreement, which can be useful if the parties are in different locations. The agreement also states that faxed, scanned, or electronic signatures have the same legal validity as original signatures. This further streamlines the signing process, allowing for quicker execution of the agreement.
This is a fairly standard practice in franchising, as it provides flexibility and convenience in finalizing legal documents. Prospective Extreme Art Studio franchisees should be aware of this provision, as it simplifies the process of signing the Franchise Agreement and related documents.