What is the deadline for a Gokhale Method franchisee to pay all sums owing to the franchisor and its affiliates?
Gokhale_Method Franchise · 2024 FDDAnswer from 2024 FDD Document
- 5.10.
Payments.
All payments due Franchisee for activities within a calendar month will be made by us within 10 days of the close of such month.
We may deduct any charges, fees or other payments you owe us, including those for continuing education or for products or equipment purchased from us, or any other fees or charges, and remit the balance to you.
Source: Item 22 — CONTRACTS (FDD page 34)
What This Means (2024 FDD)
The Gokhale Method's 2024 Franchise Disclosure Document does not explicitly state a specific deadline for a franchisee to pay all sums owed to the franchisor and its affiliates. However, it does outline the payment schedule for when the franchisor owes the franchisee.
Specifically, regarding payments from Gokhale Method to the franchisee, the FDD states that all payments due to the franchisee for activities within a calendar month will be made within 10 days of the close of that month. The franchisor also has the right to deduct any charges, fees, or other payments that the franchisee owes them, including continuing education, products, equipment, or any other fees, from the payments they remit to the franchisee.
To fully understand the payment obligations and deadlines for franchisees, prospective franchisees should ask Gokhale Method for clarification on the payment terms, including due dates, late payment penalties, and any potential consequences for not adhering to the payment schedule.