On what date does the Goldfish Swim School agreement become effective?
Goldfish_Swim_School Franchise · 2025 FDDAnswer from 2025 FDD Document
"Construction Commencement Period" shall mean the period that expires three hundred thirty (330) days following the Effective Date;
Should Franchisee fail to select a site for the Franchised Swim School that is accepted by Franchisor within one hundred eighty (180) days after the Effective Date ("Site Selection Period"), Franchisor has the right to terminate this Agreement. If this Agreement is terminated pursuant to this Section 5.2, Franchisor shall return to Franchisee twenty five percent (25%) of the Franchise Fee paid by Franchisee upon Franchisor's receipt of a general release, the same as or similar to the General Release attached as Exhibit 1, releasing any and all claims against Franchisor, any Affiliate and their officers, directors, shareholders, managers, members,
Source: Item 23 — RECEIPTS (FDD pages 77–389)
What This Means (2025 FDD)
According to the 2025 Goldfish Swim School Franchise Disclosure Document, the agreement becomes effective on the "Effective Date". The FDD defines the "Construction Commencement Period" as the 330-day period following the Effective Date.
Additionally, the franchisee has a "Site Selection Period" of 180 days after the Effective Date to select a site approved by Goldfish Swim School. If a site is not selected and approved within this timeframe, Goldfish Swim School has the right to terminate the agreement. If Goldfish Swim School terminates the agreement due to failure to select a site, they will return 25% of the franchise fee to the franchisee, provided the franchisee signs a general release.
For prospective franchisees, understanding the Effective Date is crucial as it triggers several key deadlines and obligations. It marks the start of the clock for site selection and construction commencement, and it is the point from which various terms and conditions of the franchise agreement apply.