What is the timeframe for curing a default in the Fitstop agreement to avoid termination?
Fitstop Franchise · 2024 FDDAnswer from 2024 FDD Document
Instructor Training that we will provide remotely or otherwise as we determine appropriate.
- 16.2.13 For any other reason stated in other Sections of this Agreement, which are incorporated herein by reference.
- 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.
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 typically 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 nature of the default 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 allowed time, the Fitstop franchise agreement will be terminated without further notice upon the expiration of the cure period.