Who is considered the 'Released Party' in the Fly To Fit release agreement?
Fly_To_Fit Franchise · 2024 FDDAnswer from 2024 FDD Document
Releasor (on behalf of itself and its parents, subsidiaries and affiliates and their respective past and present officers, directors, shareholders, managers, members, partners, agents, and employees (collectively, the "Releasing Parties")) hereby releases Fly To Fit Franchise, its affiliates, and their respective directors, officers, shareholders, employees, and agents (collectively, the "Released Parties") from any and all claims, causes of action, suits, debts, agreements, promises, demands, liabilities, contractual rights and/or obligations, of whatever nature, known or unknown, which any Releasing Party now has or ever had against any Released Party based upon and/or arising out of events that occurred through the date hereof, including without limitation, anything arising out of the Franchise Agreement (collectively, "Claims").
Source: Item 23 — RECEIPTS (FDD pages 44–134)
What This Means (2024 FDD)
According to Fly To Fit's 2024 Franchise Disclosure Document, the 'Released Parties' in the general release agreement include Fly To Fit Franchise, LLC, its affiliates, and their respective directors, officers, shareholders, employees, and agents. This definition is important because the Releasor, which is the franchisee, agrees to release all of these parties from any claims against them.
This means that by signing the release, a Fly To Fit franchisee waives their right to sue Fly To Fit Franchise, LLC, its affiliates, and all individuals associated with the company. This release covers any and all claims, known or unknown, that the franchisee may have against the Released Parties, arising from events up to the date of the release, including those related to the Franchise Agreement.
The franchisee also agrees not to initiate or participate in any legal proceedings against the Released Parties regarding any claim. This includes civil, criminal, or administrative proceedings. This is a significant commitment that a prospective Fly To Fit franchisee should carefully consider, as it limits their legal recourse against the franchisor and related parties.