Can Fast Fix Jewelry And Watch Repairs waive any of the conditions for a permitted transfer?
Fast_Fix_Jewelry_And_Watch_Repairs Franchise · 2025 FDDAnswer from 2025 FDD Document
s in Franchisee (or in any owner of Franchisee). Any act described in the foregoing sentence is considered a transfer or assignment of an interest in this Agreement by Franchisee.
- 10.2. Permitted Transfers. In addition to any other conditions Franchisor may impose, unless all the following conditions are satisfied to Franchisor's satisfaction —any of which Franchisor, in its discretion, may waive—Franchisor need not consent to a transfer or assignment of any interest in this Agreement:
- (a) The proposed assignee meets Franchisor's then-current standards for evaluating prospective purchasers of new franchises, including the proposed assignee's demonstration, that it, or its owners, as applicable (i) possess the business and personal skills, reputation, and financial capacity Franchisor requires; (ii) has properly assumed, and has the financial and professional ability to comply with, all of Franchisor's obligations relating to the Franchised Business; and (iii) possess good character and will enhance the System and the public goodwill relating thereto;
- (b) The terms relating to the assignment or transfer have been provided to Franchisor at least 30 days prior to the scheduled closing date and the closing statement or other related closing documentation have been provided to Franchisor at least 3 days prior to the scheduled closing date, in each case for its review to ensure that Franchisor is satisfied that such terms meet its minimum requirements with respect to the financial ability of the assignee to operate, and such terms and documents have not materially changed without the consent of Franchisor after such terms and documents were provided to Franchisor;
- (c) Franchisee provides at least 30 days prior notice of such transfer or assignment to all of its suppliers and vendors;
- (d) Payment of all outstanding debts by Franchisee including all payments owing to Franchisor, the landlord, suppliers, vendors, leasing companies, and governmental taxing and licensing authorities;
- (e) Cure by Franchisee of any and all defaults and non-compliance under this Agreement or the Brand Standards Manual or other instructional material;
- (f) Execution of the then-current form of franchise agreement by the proposed assignee, which may contain materially different terms than those being entered simultaneously with this Agreement, including higher Roy
Source: Item 22 — CONTRACTS (FDD page 37)
What This Means (2025 FDD)
According to Fast Fix Jewelry And Watch Repairs' 2025 Franchise Disclosure Document, the franchisor has the discretion to waive certain conditions for a franchise transfer. Specifically, Fast Fix Jewelry And Watch Repairs need not consent to a transfer or assignment of any interest in the Franchise Agreement unless certain conditions are met to their satisfaction. However, the agreement states that Fast Fix Jewelry And Watch Repairs, in its discretion, may waive any of these conditions.
These conditions include the proposed assignee meeting the franchisor's standards for new franchisees, demonstrating the necessary skills, reputation, and financial capacity. The assignee must also properly assume and have the financial ability to comply with all obligations related to the Franchised Business and possess good character to enhance the System's goodwill. Additionally, the terms of the transfer must be provided to Fast Fix Jewelry And Watch Repairs at least 30 days before the closing date, with closing documents provided 3 days prior, to ensure the assignee's financial ability to operate the franchise.
Further conditions include the franchisee providing 30 days' notice to suppliers and vendors, payment of all outstanding debts by the franchisee, and cure of any defaults under the Franchise Agreement or Brand Standards Manual. The proposed assignee must also execute the then-current form of franchise agreement, which may contain different terms, including higher Royalty Fees, and pay a transfer fee, which is currently $5,000. The franchisor's ability to waive these conditions provides flexibility in the transfer process, but prospective franchisees should understand the initial requirements and the potential for these to be enforced.