What does a Fitstop franchisee certify and warrant regarding the Franchise's owners?
Fitstop Franchise · 2024 FDDAnswer from 2024 FDD Document
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FRANCHISE TERMS SUMMARY
| 10.1 | You identify | in Schedule 1 to this | Agreement the identity | of and other | necessary |
|---|---|---|---|---|---|
| information related to your Principals. |
Source: Item 23 — RECEIPTS (FDD pages 50–135)
What This Means (2024 FDD)
According to Fitstop's 2024 Franchise Disclosure Document, as a franchisee, you must identify your Principals in Schedule 1 of the Franchise Agreement. Principals include owners, shareholders, members, managers, partners, officers, and directors.
As a Fitstop franchisee, you certify and warrant that all listed owners, shareholders, members, managers, partners, officers, and directors will execute the Guaranty attached as Schedule 3 to the Franchise Agreement. They will also execute any other documents deemed necessary by Fitstop.
This requirement ensures that all individuals with a significant stake in the Fitstop franchise are legally bound to uphold the terms of the agreement and are personally responsible for the franchise's obligations. This provides Fitstop with an added layer of security and recourse in case of any breaches or defaults by the franchisee.