Who are the 'Releasees' as defined in the Golden Krust Caribbean Restaurant General Release?
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.
This general release shall not apply to any liability under the Maryland Franchise Registration and Disclosure Law.
- **2.
Risk of Changed Facts.** Franchisee and Guarantors understand that the facts in respect of which the release in Section 1 is given may turn out to be different from the facts now known or believed by them to be true.
Franchisee and Guarantors hereby accept and assume the risk of the facts turning out to be different and agree that the release in Section 1 shall nevertheless be effective in all respects and not subject to termination or rescission by virtue of any such difference in facts.
Source: Item 23 — RECEIPT (FDD pages 35–153)
What This Means (2024 FDD)
According to the 2024 Franchise Disclosure Document, the 'Releasees' in the General Release for Golden Krust Caribbean Restaurant are defined as Golden Krust Franchising, Inc., including its parent company, subsidiaries, and affiliates. This extends to their respective past and present officers, directors, shareholders, agents, and employees, acting in both their corporate and individual capacities.
This definition is important for a prospective franchisee because it clarifies exactly who is protected by the release. By signing the release, the franchisee agrees to release all of these parties from any claims, demands, liabilities, and causes of action they may have, whether known or unknown, vested or contingent. This includes claims arising under federal, state, and local laws, as well as claims related to the Franchise Agreement and other agreements between the franchisee and the released parties.
However, the general release does not apply to any liability under the Maryland Franchise Registration and Disclosure Law. Franchisees and guarantors also acknowledge that the facts related to the release may change, and they assume the risk that these changes will not affect the validity of the release. This means that even if new information comes to light, the release remains effective. Therefore, it is crucial for franchisees to fully understand the implications of the release and seek legal counsel before signing it.