What is the significance of the 'Receipt' section in the Fly Fitness Franchise Disclosure Document?
Fly_Fitness Franchise · 2024 FDDAnswer from 2024 FDD Document
EXHIBIT I
RECEIPT
This Franchise Disclosure Document summarizes certain provisions of the Franchise Agreement and other information in plain language. Read this Franchise Disclosure Document and all exhibits carefully.
If Fly Fitness Franchise, L.L.C. offers you a franchise, it must provide this Disclosure Document to you 14 calendar-days before you sign a binding agreement with, or make a payment to, the franchisor or an affiliate in connection with the proposed franchise sale.
New York requires you to receive this Franchise Disclosure Document at the earlier of the first personal meeting or 10 business days before the execution of the franchise or other agreement or the payment of any consideration that relates to the franchise relationship.
If Fly Fitness Franchise, L.L.C. does not deliver this Disclosure Document on time or if it contains a false or misleading statement, or a material omission, a violation of federal and state law may have occurred and should be reported to the Federal Trade Commission, Washington, DC, 20580, and to your state authority listed on Exhibit A.
The name and principal business address and telephone number of each franchise seller offering the franchise is:
Jennifer Bruning Brown 201 N. 13th Street Lincoln, Nebraska 68508 (866) 333-5359
Issuance Date: May 1, 2024
I received a Disclosure Document dated May 1, 2024, that included the following Exhibits:
EXHIBIT A: List of State Franchise Administrators and Agents for Service of Process
EXHIBIT B: Franchise Agreement
EXHIBIT C: Multi-Unit Development Agreement
EXHIBIT D: Financial Statements
EXHIBIT E: Operations Manual Table of Contents
EXHIBIT F: Franchised Outlets
EXHIBIT G: Franchisee Acknowledgement Statement
EXHIBIT H: State Addenda
EXHIBIT I: Receipt
Source: Item 22 — CONTRACTS (FDD pages 44–45)
What This Means (2024 FDD)
According to Fly Fitness's 2024 Franchise Disclosure Document, Exhibit I is the Receipt. This receipt confirms that the prospective franchisee received the FDD, which summarizes key aspects of the Franchise Agreement and other relevant information. The document emphasizes the importance of carefully reading the FDD and all its exhibits. This receipt serves as an acknowledgement that Fly Fitness provided the FDD to the potential franchisee.
The FDD highlights legal requirements regarding the timing of its delivery. Fly Fitness must provide the Disclosure Document to the prospective franchisee 14 calendar days before they sign any binding agreement or make any payment to Fly Fitness or its affiliates related to the franchise sale. New York has a stricter requirement, mandating that the FDD be received at the earlier of the first personal meeting or 10 business days before signing any agreement or making any payment.
The Receipt also outlines the potential consequences if Fly Fitness fails to deliver the FDD on time, or if the document contains false, misleading, or omits material information. Such actions may constitute a violation of federal and state laws, which should be reported to the Federal Trade Commission and the relevant state authority listed in Exhibit A. The document provides contact information for Jennifer Bruning Brown, a franchise seller for Fly Fitness, including her address and phone number. The issuance date of the Disclosure Document is May 1, 2024, and the receipt lists all the exhibits included with the FDD, such as the list of state franchise administrators, the Franchise Agreement, and the financial statements.