Who are the parties involved in the Extreme Art Rider for an Extreme Art Studio franchise?
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 is an agreement between Extreme Art Studio Franchising, LLC and the franchisee. The document includes signature lines for both Extreme Art Studio Franchising, LLC and the franchise owner, whether the franchise owner is an individual or a legal entity such as a corporation or limited liability company.
The Extreme Art Rider is executed and delivered by both parties and becomes effective as of the Rider Effective Date. This agreement is used when a franchisee is opening additional Extreme Art Studio locations under a multi-franchise agreement. The rider outlines the specific terms and conditions for each additional franchise, ensuring that both parties are in agreement regarding the operation of the new location.
This arrangement is typical in franchising, where a standard franchise agreement establishes the general terms, and riders or addenda are used to customize the agreement for specific circumstances, such as opening additional locations. The Extreme Art Rider ensures that each new location is properly authorized and that the franchisee understands their obligations for each studio they operate.