Who are the parties involved in the Extreme Art Rider agreement for Extreme Art Studio?
Extreme_Art_Studio Franchise · 2024 FDDAnswer from 2024 FDD Document
IN WITNESS WHEREOF, the parties have executed and delivered this Extreme Art Rider, to be effective as of the Rider Effective Date.
EXTREME ART STUDIO FRANCHISING, LLC,
a Texas limited liability company
DATED: FRANCHISE OWNER FRANCHISE OWNER (IF YOU ARE A CORPORATION, (IF YOU ARE AN INDIVIDUAL AND NOT A LEGAL ENTITY): LIMITED LIABILITY COMPANY, OR PARTNERSHIP): (Entity Name) (Signature) (Print Name) DATED: DATED:
Source: Item 22 — CONTRACTS (FDD page 49)
What This Means (2024 FDD)
According to the 2024 Extreme Art Studio Franchise Disclosure Document, the Extreme Art Rider agreement is between Extreme Art Studio Franchising, LLC, and the franchisee. The franchisee can be either an individual or a legal entity such as a corporation or limited liability company. The agreement is executed and delivered by both parties and becomes effective as of the Rider Effective Date.
For franchisees operating multiple Extreme Art Studio businesses under a Standard Franchise (Multi-2 or Multi-3), the Extreme Art Rider is required before opening the second and each subsequent studio. This agreement specifies the Approved Location for each additional Extreme Art Studio Business. The Extreme Art Rider ensures that both Extreme Art Studio Franchising, LLC, and the franchisee are in mutual agreement regarding the terms and conditions for operating the additional location.
The Extreme Art Rider also addresses the territory for the additional Extreme Art Studio Business, ensuring it conforms with the guidelines stated in Item 12 of the Franchise Disclosure Document. It outlines the services provided by Extreme Art Franchising for the Rider Business and specifies that the Rider Business terminates upon the termination or expiration of the Franchise Agreement or the transfer of the Rider Business, subject to the renewal provisions in Section 13 of the Franchise Agreement.
Prospective franchisees should carefully review the Extreme Art Rider to understand their obligations and the franchisor's responsibilities for each additional Extreme Art Studio Business they plan to operate. Understanding the terms of the Extreme Art Rider is crucial for managing multiple locations and ensuring compliance with the franchise agreement.