In the Floyds 99 Development Agreement, what are the two parties involved?
Floyds_99 Franchise · 2025 FDDAnswer from 2025 FDD Document
| Developer is dated, 20 | This Rider to the Development Agreement by and between Floyd's 99 Franchising, LLC and | ||
|---|---|---|---|
| 1. | The following sentence is added at the end of Section 8.2.f: | ||
| arise under the Minnesota Franchise Act. | Any release executed in connection herewith will not apply to any claims that may | ||
| 2. | The following statement is added at the end of Section 9.5: | ||
| days' notice for non-renewal of this Agreement. | Minnesota law provides the Franchisee with certain termination and non-renewal | ||
| rights. Minn. Stat. Sec. 80C.14 Subd. 3, 4 and 5 require, except in certain specified cases, | |||
| that the Franchisee be given 90 days' notice of termination (with 60 days to cure) and 180 | |||
| place: | 3. | The last sentence of Section 13.4 is deleted, with the following statement inserted in its | |
| for by the laws of the jurisdiction. | Minnesota Statutes, Section 80C.21 and Minnesota Rule 2860.4400(J) prohibit the | ||
| franchisor from requiring litigation to be conducted outside Minnesota, requiring wavier | |||
| of a jury trial, or requiring the franchisee to consent to liquidated damages, termination | |||
| penalties or judgment notes. In addition, nothing in the Franchise Disclosure Document or | |||
| agreement(s) can abrogate or reduce any of franchisee's rights as provided for in Minnesota | |||
| Statutes, Chapter 80C, or franchisee's rights to any procedure, forum, or remedies provided | |||
| 4. | Section 13.5 is deleted and the following is inserted in its place: | ||
| 13.5 waived by the Developer. | Injunctive Relief. The Franchisor and the Developer shall each have the right in the proper case to seek injunctive relief from a court of competent jurisdiction. The Developer agrees that the Franchisor may seek such injunctive relief, without posting a bond or bonds totaling more than $500, but upon due notice, and the Developer's sole remedy in the event of the entry of such injunctive relief shall be the dissolution of such injunctive relief, if warranted, upon hearing duly had; provided, however, that all claims for damages by reason of the wrongful issuance of any such injunction are hereby expressly | ||
| IN | concurrently with the | WITNESS WHEREOF, the | duly |
| parties | executed and delivered this | ||
| hereto | Minnesota | ||
| have | Rider | ||
| execution | on | ||
| of | the | ||
| the | day and year first | ||
| Development Agreement | above written. | ||
| FLOYD'S 99 | FRANCHISING, LLC | DEVELOPER (Print Name) | |
| By: | By: | ||
| Title: | Title: |
Source: Item 23 — RECEIPT (FDD pages 58–229)
What This Means (2025 FDD)
According to Floyds 99's 2025 Franchise Disclosure Document, the Development Agreement is made between Floyd's 99 Franchising, LLC, and the Developer. This agreement outlines the terms and conditions under which the developer is granted the rights to develop Floyds 99 locations within a specific area.
The agreement specifies the obligations and rights of both parties, including development rights, use of trademarks and confidential information, and adherence to restrictive covenants. It also addresses the implications of termination or expiration of the agreement, ensuring that both Floyds 99 and the developer understand their responsibilities and limitations.
Prospective developers should carefully review the Development Agreement to understand their obligations, including development schedules, financial commitments, and adherence to Floyds 99's standards. Understanding these aspects is crucial for a successful and mutually beneficial business relationship.