Does the Fast Fix Jewelry And Watch Repairs addendum have any financial implications?
Fast_Fix_Jewelry_And_Watch_Repairs Franchise · 2025 FDDAnswer from 2025 FDD Document
| Store Name: | Store #: |
|---|---|
| Franchisee Name: | I (We) authorize Jewelry Repair Enterprises, Inc. to initiate entries to debit my (our) account as described below: Account Holder(s) Name: |
| Account Holder(s) Address: | |
| City, State & Zip: | |
| Financial Institution's Name: | |
| Financial Institution's Address: | |
| Financial Institution's Routing Number: | |
| Checking/Savings Account Number: | Checking: ☐ Savings: ☐ |
| debited as required. | Amount of Debit: Royalty, Lightspeed, Lease Negotiation, FAP, Promissory Note and Renewal Fees are Commencement Date of First Debit: |
| of its termination. A two-week notice is required for the termination of this Authorization Agreement. | The authority is to remain in full force and effect until Jewelry Repair Enterprises, Inc. has received written notification from me (or either of us) |
| Authorized Signature: | Authorized Signature: |
| Full Name: | Full Name: |
| Date: | Date: |
| Telephone Number: | Telephone Number: |
Source: Item 22 — CONTRACTS (FDD page 37)
What This Means (2025 FDD)
Based on the 2025 Fast Fix Jewelry And Watch Repairs Franchise Disclosure Document, the addendum includes an authorization agreement that has financial implications for franchisees. The agreement allows Jewelry Repair Enterprises, Inc. to debit the franchisee's account for various fees. These fees include royalties, Lightspeed fees, lease negotiation fees, FAP (presumably Franchise Advertising Program) fees, promissory note payments, and renewal fees.
The authorization remains in effect until Fast Fix Jewelry And Watch Repairs receives a two-week written notice of termination from the franchisee. The specific amount of each debit, the frequency of debits, and the commencement date are all determined as required.
This agreement means that franchisees must maintain sufficient funds in their designated bank account to cover these recurring fees. Failure to do so could result in penalties from the bank and potential issues with Fast Fix Jewelry And Watch Repairs. Franchisees should carefully review the terms of the Franchise Agreement and related documents to fully understand the amounts and timing of these debits and their rights regarding termination of the authorization.