Who is included in the definition of 'Releasees' in the context of a Golden Krust Caribbean Restaurant franchise agreement?
Golden_Krust_Caribbean_Restaurant Franchise · 2024 FDDAnswer from 2024 FDD Document
Release by Franchisee and Guarantors.** If Franchisee is an entity, Franchisee (on behalf of itself and its parents, subsidiaries and affiliates and their respective past and present officers, directors, shareholders, agents and employees, in their corporate and individual capacities) and Guarantors (on behalf of themselves and their respective heirs, representatives, successors and assigns) or, if Franchisee is an individual, Franchisee (on behalf of himself/herself and his/her heirs, representatives, successors and assigns) (collectively, "Releasors") freely and without any influence forever release Franchisor, its parent, subsidiaries and affiliates and their respective past and present officers, directors, shareholders, agents and employees, in their corporate and individual capacities (collectively, "Releasees"), with respect to any and all claims, demands, liabilities and causes of action of whatever kind or nature, whether known or unknown, vested or contingent, suspected or unsuspected (collectively, "Claims"), which any Releasor ever owned or held, now owns or holds or may in the future own or hold, including, without limitation, claims arising under federal, state and local laws, rules and ordinances and claims arising out of, or relating to, the Franchise Agreement and all other agreements between any Releasor and any Release arising out of, or relating to any act, omission or event occurring on or before the date of this Release, unless prohibited by applicable law.
Source: Item 23 — RECEIPT (FDD pages 35–153)
What This Means (2024 FDD)
According to the 2024 Franchise Disclosure Document, the term "Releasees" in the context of a Golden Krust Caribbean Restaurant franchise agreement encompasses Golden Krust Franchising, Inc., along with its parent company, subsidiaries, and affiliates. This extends to their past and present officers, directors, shareholders, agents, and employees, acting in both their corporate and individual capacities.
This definition is important because it specifies the parties that are protected by the release provided by the franchisee and any guarantors. By signing the release, the franchisee agrees to waive any claims against these "Releasees". This includes a broad range of individuals and entities associated with the Golden Krust Caribbean Restaurant franchise system.
Prospective franchisees should carefully review the scope of this release with legal counsel to fully understand the implications of waiving potential claims against such a wide group of individuals and entities. The release covers known and unknown claims, so it is crucial to assess any potential issues before signing the franchise agreement.