How much notice will Fitstop provide before changing the method of remitting Fund Contributions?
Fitstop Franchise · 2024 FDDAnswer from 2024 FDD Document
You will be required to contribute to the Fund an amount equal to two percent (2%) of the Gross Revenue of the Franchised Business ("Fund Contributions"), which shall be remitted to us at the same time and in the same manner as your Royalty Fees (unless we designate another method upon at least 30 days' prior written notice via the Manual(s) or otherwise).
All Fund Contributions are non-refundable upon payment, and we will account separately for all sums paid to the Fund.
Source: Item 23 — RECEIPTS (FDD pages 50–135)
What This Means (2024 FDD)
According to Fitstop's 2024 Franchise Disclosure Document, Fitstop will provide at least 30 days' prior written notice before designating a new method for remitting Fund Contributions. This notice will be provided via the Manual(s) or otherwise.
This means that if Fitstop decides to change how franchisees pay their contributions to the brand development fund, they must inform franchisees in writing at least one month in advance. This allows franchisees time to adjust their payment methods and accounting procedures to comply with the new requirements.
The Fund Contributions are equal to two percent (2%) of the Gross Revenue of the Franchised Business. These contributions are used to promote, advertise, market and/or otherwise develop the System, Proprietary Marks, System Business(es), Approved Services/Products and/or our brand generally.
It is important to note that all Fund Contributions are non-refundable upon payment, and Fitstop will account separately for all sums paid to the Fund.