Who are considered 'Releasing Parties' in the Fly To Fit General Release?
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 General Release specifies who is included as a 'Releasing Party.' The Releasor, which is the party signing the release, extends the release on behalf of several affiliated entities and individuals.
Specifically, the Releasing Parties include the Releasor itself, along with its parents, subsidiaries, and affiliates. This extends to the respective past and present officers, directors, shareholders, managers, members, partners, agents, and employees of those entities. This definition ensures that the release covers a broad range of individuals and entities associated with the Releasor, preventing them from bringing claims against the Released Parties.
The Released Parties, who are the beneficiaries of the release, are Fly To Fit Franchise, its affiliates, and their respective directors, officers, shareholders, employees, and agents. The release covers 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 of the release, including anything arising out of the Franchise Agreement.
This comprehensive definition of Releasing Parties and the scope of the release is typical in franchise agreements to protect the franchisor from potential future claims. A prospective Fly To Fit franchisee should carefully review this section and understand its implications, especially concerning any potential claims they or their related entities might have against Fly To Fit.