What is the purpose of the initial line in the Fly Fitness Acknowledgment Statement?

According to Fly Fitness's 2024 Franchise Disclosure Document, the initial line of the Acknowledgment Statement serves as an inducement for Fly Fitness to enter into a Franchise Agreement or Multi-Unit Development Agreement. This means that Fly Fitness relies on the truthfulness of the statements made in the acknowledgment when deciding whether to grant a franchise.

Furthermore, the statement requires the prospective franchisee or developer to notify Fly Fitness immediately if any statement within the acknowledgment is incomplete or incorrect before signing. This places a responsibility on the franchisee to ensure the accuracy of the information provided.

This acknowledgment is important because it sets the stage for the legal relationship between Fly Fitness and its franchisees, emphasizing the reliance on the franchisee's statements and the need for transparency and accuracy in the information provided. It also protects the franchisee by stating that no signed statement can waive claims under state franchise law or disclaim reliance on franchisor statements.