What specific actions are Extreme Art Studio owners waiving regarding acceptance of the undertakings?
Extreme_Art_Studio Franchise · 2024 FDDAnswer from 2024 FDD Document
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.
Source: Item 22 — CONTRACTS (FDD page 49)
What This Means (2024 FDD)
According to the 2024 Extreme Art Studio Franchise Disclosure Document, franchisees and Extreme Art Studio can waive obligations or restrictions under the franchise agreement via a written instrument. This waiver becomes effective upon delivery of written notice or on another date specified in the waiver notice.
However, any waiver granted by Extreme Art Studio is not absolute. The waiver is subject to ongoing review and can be revoked at any time, for any reason. Extreme Art Studio must provide ten days' prior written notice before revoking a waiver.
Furthermore, neither Extreme Art Studio nor the franchisee waives or impairs any right, power, or option reserved in the Franchise Agreement due to customs, practices, failures to exercise rights, or the existence of different provisions in other franchise agreements. This ensures that Extreme Art Studio retains its rights even if it doesn't always enforce them strictly. Special legends or endorsements on checks are not considered waivers or settlements; Extreme Art Studio is authorized to remove them, rendering them ineffective.