Can Fast Fix Jewelry And Watch Repairs demand payment for overdue amounts?
Fast_Fix_Jewelry_And_Watch_Repairs Franchise · 2025 FDDAnswer from 2025 FDD Document
demand, in addition to the overdue amount, interest on such overdue amount from the date it was due until paid at a rate equal to the lesser of 18% per annum and the maximum rate permitted by law. In California, the highest lawful rate of interest is 10% per annum. In addition to interest on overdue amounts, Franchisee shall pay late fees on demand of $50 for each payment that is more than 10 days overdue and for each monthly report that is more than 10 days overdue to cover Franchisor's administrative costs in dealing with the late paym
Source: Item 22 — CONTRACTS (FDD page 37)
What This Means (2025 FDD)
According to Fast Fix Jewelry And Watch Repairs's 2025 Franchise Disclosure Document, the company can charge interest on overdue amounts. In California, the highest lawful interest rate is 10% per annum. In addition to interest, Fast Fix Jewelry And Watch Repairs will charge $50 in late fees for each payment or monthly report that is more than 10 days overdue. This fee is intended to cover the administrative costs associated with handling late payments and reports.
All payments due to Fast Fix Jewelry And Watch Repairs from the franchisee are considered absolute and unconditional. This means that franchisees cannot withhold payments or make deductions for any reason, including potential disputes or disagreements. The franchisee cannot apply any abatement, reduction, setoff, defense, or counterclaim against these payments.
Fast Fix Jewelry And Watch Repairs retains the right to specify the payment method for royalty fees and other amounts owed. These methods may include certified bank drafts or automated electronic payment systems, such as electronic funds transfers, automatic debits, or check fax systems. The company can also require franchisees to upgrade or purchase new POS systems or terminals, which would allow Fast Fix Jewelry And Watch Repairs to access the franchisee's records electronically on demand.