What is the definition of 'Development Schedule' in the Face Foundrie agreement?
Face_Foundrie Franchise · 2025 FDDAnswer from 2025 FDD Document
spect to the style of the facilities and signs used by these Face Foundrié Facial Bars and has successfully established a reputation, demand and goodwill for their services and products; and
WHEREAS, Area Developer recognizes the value and benefits that can be derived from utilizing the System and being associated with Franchisor, the Marks and the other distinctive features of the System, and desires to obtain certain development rights to open and operate Face Foundrié Facial Bars under the System and the Marks, as well as to receive other assistance provided by Franchisor in connection therewith.
NOW, THEREFORE, for and in consideration of the covenants and agreements hereinafter set forth, the parties hereto covenant and agree as follows:
1. GRANT
1.1 Grant and Acceptance. Franchisor grants development rights to Area Developer, and Area Developer undertakes the obligation, pursuant to the terms and conditions of this Agreement, to develop no less than the number of Face Foundrié Facial Bars (the "Franchised Facial Bars") as set forth in Exhibit A to this Agreement. In this regard, the parties further agree that:
- 1.1.1 Each Franchised Facial Bar developed hereunder shall be operated pursuant to a separate Face Foundrié Franchise Agreement with Franchisor (a "Franchise Agreement") that shall be executed as provided in Section 3.4 below.
- 1.1.2 For each Franchised Facial Bar to be developed under this Agreement, Area Developer shall execute the Franchise Agreement for such Franchised Facial Bar in accordance with the deadlines set forth in the development schedule specified in Paragraph 1 of Exhibit A to this Agreement (the "Development Schedule").
1.1.3 Each Franchised Facial Bar developed hereunder shall be at a specific location, which shall be designated in the Franchise Agreement, that is within in the area described in Paragraph 2 of Exhibit A to this Agreement (the "Development Area"). If a "TBD" (to be determined) search area has been designated in Paragraph 2 of Exhibit A, Area Developer hereby authorizes Franchisor to designate the Development Area and complete Exhibit A subsequent to execution of this Agreement upon Franchisor approval of Area Developer's proposed territory. Until Franchisor has so designated a Development Area, Area Developer will not have any rights to a protected territory.
Source: Item 23 — RECEIPTS (FDD pages 74–257)
What This Means (2025 FDD)
According to the 2025 Face Foundrie FDD, the Development Schedule outlines the deadlines by which an Area Developer must execute Franchise Agreements for a specific number of Face Foundrie Facial Bars. This schedule is detailed in Paragraph 1 of Exhibit A of the Area Development Agreement. The Area Developer is obligated to strictly adhere to this Development Schedule, as time is considered of the essence in fulfilling these obligations.
The Development Schedule requires the Area Developer to have executed and delivered Franchise Agreements to Face Foundrie for a cumulative number of Franchised Facial Bars by the end of specific time periods, as outlined in Exhibit A. These executed Franchise Agreements must be for locations within the Development Area. The agreement's term ends on the date the final Franchise Agreement is executed per the Development Schedule, or on the final date specified in the Development Schedule, whichever comes first.
For compliance with the Development Schedule, Face Foundrie only counts Franchised Facial Bars that the Area Developer actually opens and continuously operates within the Development Area for at least the first six months after opening. This condition ensures that only actively operating locations contribute to fulfilling the development requirements. The Development Schedule is a critical component of the Area Development Agreement, setting clear expectations and timelines for the Area Developer's expansion of Face Foundrie locations within the designated area.