According to the Fly Fitness agreement, what does the developer acknowledge they will receive?
Fly_Fitness Franchise · 2024 FDDAnswer from 2024 FDD Document
- 8.3 Noncompetition Covenants. Developer acknowledges that, pursuant to this Agreement, Developer will receive valuable training, trade secrets and Confidential Information of the System that are beyond the present knowledge, training, and experience of Developer. Developer acknowledges that such specialized training, trade secrets and Confidential Information provide a competitive advantage and will be valuable to him or her in the development and operation of Franchised Businesses, and that gaining access to such specialized training, trade secrets and Confidential Information is, therefore, a primary reason why Developer is entering into this Agreement. In consideration for such specialized training, trade secrets, Confidential Information and rights, Developer covenants that, except as otherwise approved in writing by Franchisor:
Source: Item 23 — RECEIPT (FDD pages 45–182)
What This Means (2024 FDD)
According to the 2024 Fly Fitness Franchise Disclosure Document, the developer acknowledges that they will receive valuable training, trade secrets, and confidential information of the Fly Fitness system. This specialized training, trade secrets, and confidential information are beyond the developer's present knowledge, training, and experience.
The agreement states that this specialized training, trade secrets, and confidential information provide a competitive advantage and will be valuable to the developer in the development and operation of franchised businesses. The developer acknowledges that gaining access to this specialized training, trade secrets, and confidential information is a primary reason for entering into the agreement.
In consideration for receiving the specialized training, trade secrets, confidential information, and rights, the developer agrees to certain noncompetition covenants. These covenants restrict the developer from engaging in activities that could harm the Fly Fitness system or its franchisees, both during the term of the agreement and for a period of time after its termination.