Who must execute the Goldfish Swim School agreement for it to become effective?
Goldfish_Swim_School Franchise · 2025 FDDAnswer from 2025 FDD Document
with respect to that or any other or subsequent breach. This Agreement may not be waived, altered or rescinded, in whole or in part, except by a writing signed by you and us.
- K. You and each of your Principal Owners shall execute the form of guaranty at the end of this Agreement.
- L. You further acknowledge that you have conducted an independent investigation of the business franchised pursuant to this Agreement and recognize the business venture contemplated by this Agreement involves the normal business risks associated with beginning a new business.
Source: Item 22 — CONTRACTS (FDD pages 76–77)
What This Means (2025 FDD)
According to the 2025 Goldfish Swim School FDD, the agreement must be executed by the developer, each principal owner, and Goldfish Swim School Franchising, LLC. Specifically, the developer and each principal owner must sign a form of guaranty at the end of the agreement. The agreement can only be waived, altered, or rescinded through a written document signed by both the franchisee (you) and Goldfish Swim School Franchising, LLC (us). This requirement ensures that all parties are legally bound to the terms and conditions outlined in the franchise agreement.
For a prospective franchisee, this means that all individuals with a significant ownership stake in the franchise must personally guarantee the franchisee's obligations. This is a common practice in franchising, as it provides the franchisor with additional security and recourse in case of default by the franchisee. The personal guaranty essentially makes the principal owners personally liable for the debts and obligations of the franchise.
It is important for potential franchisees and their principal owners to carefully review all documents and seek legal counsel to fully understand the implications of signing the franchise agreement and the guaranty. This ensures that everyone involved is aware of their rights and responsibilities before entering into the agreement with Goldfish Swim School.