What is the effective date of the General Release for a Floyds 99 franchise?
Floyds_99 Franchise · 2025 FDDAnswer from 2025 FDD Document
THIS GENERAL RELEASE ("Release") is made effective as of the day of, 20 by ("Franchisee") in favor of FLOYD'S 99 FRANCHISING, LLC, a Colorado limited liability company ("Franchisor") (collectively referred to as "Parties"). The Parties have entered into that certain Franchise Agreement dated ("Franchise Agreement") which governs the development and operation of a FLOYD'S 99 Barbershop ("FLOYD'S 99 Shop" or "Barbershop") (to the extent not otherwise defined herein, all initial-capitalized references shall have the same meaning as set forth in the Franchise Agreement). The Franchisee desires to transfer the Franchise Agreement, the ownership of the Franchisee, or the FLOYD'S 99 Shops or some or all of the assets of the Barbershop.
OR
The Franchisee desires to enter into a successor to the Franchise Agreement.
The Franchisor desires to consent to the Franchisee's request subject to the Franchisee's compliance with the terms and conditions set forth in the Franchise Agreement including, without limitation, the execution and delivery by the Franchisee to the Franchisor of this Release.
NOW, THEREFORE, in consideration of the foregoing, the mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the Parties hereby agree as follows:
Source: Item 23 — RECEIPT (FDD pages 58–229)
What This Means (2025 FDD)
According to the 2025 Floyds 99 Franchise Disclosure Document, the General Release is effective as of "the day of, 20 by ("Franchisee")". This means that the specific date will be determined at the time the release is executed by the franchisee.
In practical terms, this indicates that if a franchisee desires to transfer their Franchise Agreement, ownership, or assets, or enter into a successor agreement, they will need to execute this General Release. The release becomes effective on the date it is signed. This is a standard legal procedure to ensure that both Floyds 99 and the franchisee are in agreement regarding the transfer or succession, and that all obligations are met.
Prospective franchisees should pay close attention to the conditions and terms outlined in the Franchise Agreement related to transfers, ownership changes, and successor agreements, as these will trigger the need for the General Release. Understanding the implications of the release and seeking legal counsel when necessary is advisable to ensure compliance and protect their interests.