What kind of release must a Floyds 99 Developer execute before transferring their development rights?
Floyds_99 Franchise · 2025 FDDAnswer from 2025 FDD Document
- 8.4 Right of First Refusal.
If Developer wishes to transfer its rights under this Agreement or any interest in it, or any part or portion of any business entity that owns it, or all or a substantial portion of the assets of any FLOYD'S 99 Shop developed pursuant to this Agreement, Developer agrees to grant to Franchisor a 90-day right of first refusal to purchase such rights, interest or assets on the same terms and conditions as are contained in the written offer to purchase submitted to Develop
Source: Item 23 — RECEIPT (FDD pages 58–229)
What This Means (2025 FDD)
According to the 2025 Floyds 99 Franchise Disclosure Document, if a Developer wishes to transfer their rights under the Development Agreement, they must first offer Floyds 99 the right of first refusal. Floyds 99 has 90 days to purchase the rights, interest, or assets on the same terms and conditions as the written offer submitted by the Developer.
This means that before a Floyds 99 developer can sell their development rights to a third party, they must first give Floyds 99 the opportunity to buy those rights themselves. This is a common practice in franchising, allowing the franchisor to maintain control over who joins their system and to ensure a smooth transition.
However, the FDD excerpts provided do not specify the exact type of release a Floyds 99 Developer must execute before transferring their development rights. It only mentions the right of first refusal. A prospective franchisee should ask Floyds 99 for more details on the specific requirements and legal documents involved in transferring development rights, including any releases or waivers that may be required.