Where can I find the Release attachment related to the Fly Fitness franchise agreement?
Fly_Fitness Franchise · 2024 FDDAnswer from 2024 FDD Document
- 5.2.5 Franchisee shall execute a general release of all claims Franchisee may have against Fly Fitness Franchise, L.L.C., its parent, subsidiaries and affiliates, its officers, directors, shareholders, agents, and employees, whether in their corporate and/or individual capacities, in the form attached hereto as Attachment 4.
This release will include all claims arising under any federal, state, or local law, rule, or ordinance.
Source: Item 22 — CONTRACTS (FDD pages 44–45)
What This Means (2024 FDD)
According to Fly Fitness's 2024 Franchise Disclosure Document, the general release of all claims that a franchisee may have against Fly Fitness Franchise, L.L.C., its parent, subsidiaries and affiliates, its officers, directors, shareholders, agents, and employees, whether in their corporate and/or individual capacities, is in the form attached as Attachment 4. This release encompasses all claims arising under any federal, state, or local law, rule, or ordinance.
This release is a requirement if a franchisee seeks to renew their franchise agreement. Specifically, before a Fly Fitness franchise agreement can be renewed, the franchisee must execute this general release of all claims against Fly Fitness and related parties. This condition is in addition to other requirements such as completing additional training, securing the premises for the renewed term, completing required remodeling, and paying the Successor Agreement Fee.
Prospective franchisees should carefully review Attachment 4 and understand the scope of the claims they are releasing. It is advisable to consult with a legal professional to fully understand the implications of signing such a release, especially concerning any potential future disputes or claims that may arise during the franchise term or after its expiration. Franchisees should also note that this release is a condition for renewing the franchise agreement, which could impact their long-term business plans with Fly Fitness.