Who are the 'Released Parties' as defined 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 'Released Parties' in the general release include Fly To Fit Franchise, LLC, its affiliates, and their respective directors, officers, shareholders, employees, and agents. This definition is important because it specifies exactly who the franchisee is releasing from potential claims.
In practical terms, this means that by signing the general release, a Fly To Fit franchisee agrees not to sue or bring any claims against Fly To Fit Franchise, its associated companies, or any of the individuals working for or affiliated with them. This release covers a broad range of potential claims, whether known or unknown, that the franchisee might have had up to the date of the release, including those arising from the Franchise Agreement itself.
It's important to note that Fly To Fit may require a general release from a franchisee in certain circumstances, such as upon renewal of the franchise agreement or as a condition of approving the sale of the franchise. Before signing such a release, a franchisee should carefully consider its implications and consult with an attorney to fully understand the rights they are waiving. Franchisees should pay close attention to state-specific addenda, as some states like North Dakota, New York, Maryland, Illinois, and Washington have laws that may restrict or supersede certain aspects of the general release, particularly concerning waivers of liability or rights under franchise investment protection acts.