What is the effect of signing the Fly Fitness Acknowledgment Statement?
Fly_Fitness Franchise · 2024 FDDAnswer from 2024 FDD Document
| FRANCHISOR: |
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| FLY FITNESS FRANCHISE, L.L.C. |
| By: |
| , |
| (Print Name, Title) |
| FRANCHISEE (Entity): |
| By: |
| , |
| (Print Name, Title) |
| FRANCHISEE (Principal): |
| (Print Name) |
| FRANCHISEE (Principal): |
| (Print Name) |
EXHIBIT G
FLY FITNESS ACKNOWLEDGEMENT STATEMENT
Acknowledgement of the truthfulness of the statements below are an inducement for the Franchisor to enter into a Franchise Agreement (or Multi-Unit Development Agreement). Notify Franchisor immediately, prior to acknowledgment, if any statement below is incomplete or incorrect.
No statement, questionnaire, or acknowledgment signed or agreed to by a franchisee (or developer) in connection with the commencement of the franchise relationship shall have the effect of (i) waiving any claims under any applicable state franchise law, including fraud in the inducement, or (ii) disclaiming reliance on any statement made by any franchisor, franchise seller, or other person acting on behalf of the franchisor. This provision supersedes any other term of any document executed in connection with the franchise.
- Franchisee (or Developer) has conducted an independent investigation of all aspects relating to the financial, operational, and other aspects of the business of operating the Franchised Business.
Source: Item 22 — CONTRACTS (FDD pages 44–45)
What This Means (2024 FDD)
According to Fly Fitness's 2024 Franchise Disclosure Document, the Acknowledgment Statement serves as an inducement for the franchisor to enter into a Franchise Agreement or Multi-Unit Development Agreement. The document emphasizes the importance of truthful statements and requires franchisees to notify the franchisor immediately if any statement is incomplete or incorrect before signing.
The FDD states that no statement, questionnaire, or acknowledgment signed by a franchisee can waive claims under state franchise law, including fraud in the inducement, or disclaim reliance on franchisor statements. This provision takes precedence over any conflicting terms in other documents related to the franchise agreement.
By signing the Acknowledgment Statement, a prospective Fly Fitness franchisee confirms they have conducted an independent investigation into the financial, operational, and other aspects of the business. Unless explicitly stated in the Disclosure Document, franchisees acknowledge that the franchisor has not made any performance representations and they waive any claims against the franchisor for business failure. The franchisee also acknowledges the business risks involved and that success depends on their abilities and efforts as an independent business operator.