If I breach the Fitstop agreement, what is the cure period?
Fitstop Franchise · 2024 FDDAnswer from 2024 FDD Document
- 16.3 Cure Period and Franchisee's Obligation to Demonstrate Curative Actions. If the breach concerns this Agreement and does not result in immediate termination, the correction of any default must be accomplished within 30 calendar days after we submit notice to you describing the condition which constitutes the violation, and the corrective action which you must take if any corrective action is possible to cure the default.
Should a default under this Agreement be of such a nature that we, in writing, agree more than 30 calendar days is reasonably required to cure, you shall be given such additional time as may be reasonable, provided that corrective action is commenced promptly within the initial thirty (30) day period and is pursued diligently to completion.
- 16.4 Termination Upon Failure to Cure. If a default in this Agreement is not cured after notice and within any time period allowed for the correction of the default, termination of this Agreement will occur without further notice as of the expiration of the time allowed to cure the default.
Source: Item 23 — RECEIPTS (FDD pages 50–135)
What This Means (2024 FDD)
According to Fitstop's 2024 Franchise Disclosure Document, if a franchisee breaches the agreement, they generally have 30 calendar days to correct the default after receiving notice from Fitstop. The notice will describe the violation and the necessary corrective action.
However, if the breach requires more than 30 days to cure, Fitstop may grant additional time, provided the franchisee begins corrective action promptly within the initial 30-day period and diligently pursues it to completion. If the franchisee fails to cure the default within the given time frame, Fitstop can terminate the agreement without further notice.
It is important for prospective Fitstop franchisees to understand the specific actions that constitute a breach of contract, as outlined in the FDD and franchise agreement, and to be aware of the potential consequences of failing to meet their obligations. Paying attention to deadlines and maintaining open communication with Fitstop can help prevent breaches and ensure the smooth operation of the franchise.