Are Extreme Art Studio Owners released from their obligations due to statutes of limitations?
Extreme_Art_Studio Franchise · 2024 FDDAnswer from 2024 FDD Document
ision or System Standard to the extent required to be valid and enforceable or delete the unlawful provision in its entirety. You agree to be bound by any promise or covenant imposing the maximum duty the law permits which is subsumed within any provision of this Franchise Agreement as though it were separately articulated in and made a part of this Franchise Agreement.
17.2 WAIVER OF OBLIGATIONS.
- 17.2.1 We and you may, by written instrument, unilaterally waive or reduce any obligation of or restriction upon the other under this Franchise Agreement, effective upon delivery of written notice to the other or another effective date stated in the notice of waiver. Any waiver granted will be without prejudice to any other rights we or you have, will be subject to continuing review, and may be revoked at any time and for any reason effective upon delivery of ten days' prior written notice.
- 17.2.2 We and you will not waive or impair any right, power or option this Franchise Agreement reserves (including, without limitation, our right to demand exact compliance with every term, condition and covenant, or to declare any breach to be a default, and to terminate this Franchise Agreement before its term expires) because of any custom or practice at variance with this Franchise Agreement's terms; our or your failure, refusal or neglect to exercise any right under this Franchise Agreement, or to insist upon the other's compliance with this Franchise Agreement, including, without limitation, any System Standard; our waiver of or failure to exercise any right, power or option, whether of the same, similar, or different nature, with other Extreme Art Studio Businesses; the existence of franchise agreements for other Extreme Art Studio Businesses which contain provisions different from those contained in this Franchise Agreement; or our acceptance of any payments due from you after any breach of this Franchise Agreement. No special or restrictive legend or endorsement on any check or similar item given to us will be a waiver, compromise, settlement or accord and satisfaction. We are authorized to remove any legend or endorsement, which then will have no effect.
- 17.2.3 Neither we nor you shall be liable for any delay in the fulfilment of or failure to fulfil its obligations in whole or in part (other than the payment of money as may be owed by a party) under this Franchise Agreement where the delay or failure is solely due to Force Majeure.
Source: Item 22 — CONTRACTS (FDD page 49)
What This Means (2024 FDD)
Based on the 2024 Franchise Disclosure Document, Section 17.2 of the Extreme Art Studio franchise agreement addresses waivers of obligations. It states that Extreme Art Studio and the franchisee can, through a written agreement, unilaterally waive or reduce any obligation or restriction upon the other. This waiver becomes effective upon delivery of written notice or on another date specified in the waiver notice. However, any waiver granted is subject to ongoing review and can be revoked at any time, for any reason, with ten days' prior written notice.
Furthermore, the Extreme Art Studio franchise agreement specifies that neither the franchisor nor the franchisee will waive or impair any right, power, or option reserved in the agreement. This includes the right to demand strict compliance with every term, condition, and covenant, or to declare any breach a default, and to terminate the agreement before its term expires. This provision is not affected by any custom or practice that varies from the agreement's terms, failure to exercise any right under the agreement, waivers related to other Extreme Art Studio Businesses, differing provisions in other franchise agreements, or acceptance of payments after a breach.
Additionally, neither party is liable for delays or failures to fulfill obligations (excluding monetary payments) due to Force Majeure events. In such cases, obligations are extended or relieved only to the extent that performance is necessarily prevented or delayed during the Force Majeure event. The franchise agreement also states that all obligations that expressly or by their nature survive the agreement's expiration or termination will remain in effect until they are fully satisfied or naturally expire.