factual
What is the amount of the Surety Bond secured by Hyper Kidz in the State of Maryland?
Hyper_Kidz Franchise · 2024 FDDAnswer from 2024 FDD Document
- Section 25.2 and Attachment 1 FRANCHISEE ACKNOWLEDGEMENT STATEMENT to the Franchise Agreement and section 21 of the Multi-Unit Development Agreement are removed.
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- Item 5 of the Disclosure Document, Article 10 of the Franchise Agreement, and Section 2 of the Multi-Unit Development Agreement are amended to state, "In the State of Maryland, we have secured a Surety Bond in the amount of $141,000 from The Ohio Casualty Insurance Company. This Surety Bond requirement has been im
Source: Item 20 — OUTLETS AND FRANCHISEE INFORMATION (FDD pages 49–52)
What This Means (2024 FDD)
According to the 2024 Hyper Kidz Franchise Disclosure Document, Hyper Kidz has secured a Surety Bond in the amount of $141,000 in the State of Maryland. This bond is from The Ohio Casualty Insurance Company.
The requirement to secure this Surety Bond was imposed by the Office of the Attorney General of the State of Maryland. The reason for this requirement is based on Hyper Kidz's financial condition.
The Surety Bond is officially on file with the Maryland Securities Division. This bond likely serves as a financial guarantee to protect franchisees in Maryland, ensuring Hyper Kidz complies with franchise regulations and obligations.
Disclaimer: This information is extracted from the 2024 Franchise Disclosure Document and is provided for research purposes only.
It does not constitute legal or financial advice. Consult with a franchise attorney before making any investment decisions.