What is the late fee charged by Fly To Fit if a payment is not made on time?
Fly_To_Fit Franchise · 2024 FDDAnswer from 2024 FDD Document
acknowledges
that Fly To Fit Franchise has the right to remotely access Franchisee's point-of-sale system to calculate Gross Sales.
- (c) Late Fees and Interest. If Franchisee does not make a payment on time, Franchisee shall pay a $100 "late fee" plus interes
Source: Item 22 — CONTRACTS (FDD page 44)
What This Means (2024 FDD)
According to Fly To Fit's 2024 Franchise Disclosure Document, if a franchisee fails to make payments on time, Fly To Fit will charge a $100 late fee.
In addition to the late fee, Fly To Fit will also charge interest on the unpaid amount. This interest accrues at a rate of 18% per year, unless this rate exceeds the maximum interest rate allowed by law, in which case the highest legally permissible interest rate will be applied.
It is important for prospective Fly To Fit franchisees to understand these payment terms and ensure they have sufficient capital and financial management practices in place to avoid incurring late fees and interest charges. Consistent late payments could lead to further action from Fly To Fit, potentially including termination of the franchise agreement.