Who is the 'Releasor' in the Fly To Fit General Release?
Fly_To_Fit Franchise · 2024 FDDAnswer from 2024 FDD Document
n as Tenant under the Lease.
Executed by:
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EXHIBIT E
FORM OF GENERAL RELEASE
[This is our current standard form of General Release. This document is not signed when you purchase a franchise. In circumstances such as a renewal of your franchise or as a condition of our approval of a sale of your franchise, we may require you to sign a general release.]
This General Release ("Release") is executed by the undersigned ("Releasor") in favor of Fly To Fit Franchise, LLC, a Delaware Limited Liability Company ("Fly To Fit Franchise").
Background Statement: [describe circumstances of Release]
Releasor agrees as follows:
- 1. Release. 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").
- 2. Covenant Not to Sue. Releasor (on behalf of all Releasing Parties) covenants not to initiate, prosecute, encourage, assist, or (except as required by law) participate in any civil, criminal, or administrative proceeding or investigation in any court, agency, or other forum, either affirmatively or by way of cross-claim, defense, or counterclaim, against any Released Party with respect to any Claim.
- **3.
Source: Item 23 — RECEIPTS (FDD pages 44–134)
What This Means (2024 FDD)
According to Fly To Fit's 2024 Franchise Disclosure Document, the 'Releasor' in the General Release is the undersigned party executing the release in favor of Fly To Fit Franchise, LLC. This means that the Releasor is the party who is giving up certain rights or claims against Fly To Fit. The document specifies that circumstances such as a franchise renewal or the approval of a franchise sale might require the franchisee to sign this general release.
The General Release includes a release of claims, where the Releasor, on behalf of themselves and related parties, releases Fly To Fit Franchise from any and all claims and liabilities. It also contains a covenant not to sue, preventing the Releasor from initiating any legal actions against Fly To Fit. The Releasor also makes representations and acknowledgments, including that they are the sole owner of all claims and have the authority to sign the release.
For a potential Fly To Fit franchisee, this means that under certain circumstances, they may be asked to sign a document releasing Fly To Fit from potential liabilities. It is important for the franchisee to understand what rights they are giving up when signing such a release. The document also states that the Releasor should have the opportunity to consult with counsel before signing the release, highlighting the importance of seeking legal advice to fully understand the implications of the release.
It is also important to note that the General Release shall not apply to any liability under the Maryland Franchise Registration and Disclosure Law. This indicates that certain state-specific franchise laws may provide additional protections that cannot be waived by the franchisee through this release.