What form must Hyper Kidz franchisees use for the Confidentiality and Non-Competition Agreements that Principals and employees must execute?
Hyper_Kidz Franchise · 2024 FDDAnswer from 2024 FDD Document
- (e) will require all Principals and all employees and Principals who will have access to Confidential Information, including, without limitation, managers and other personnel who attend our training programs, to execute Confidentiality and Non-Competition Agreements in the form attached hereto as Attachment 9. We shall be a third-party beneficiary of such agreements with the independent right to enforce their terms. You shall provide, at our request, executed originals of each such Confidentiality and Non-Competition Agreement. Failure to procure execution of a Confidentiality and Non-Competition Agreement shall be a material breach of this Agreement.
Source: Item 22 — CONTRACTS (FDD page 52)
What This Means (2024 FDD)
According to Hyper Kidz's 2024 Franchise Disclosure Document, all Principals and employees who have access to confidential information must sign Confidentiality and Non-Competition Agreements. These agreements must be in the specific form that is attached to the FDD as Attachment 9.
The franchisee is responsible for ensuring that all relevant parties execute these agreements. Hyper Kidz is a third-party beneficiary of these agreements and has the independent right to enforce their terms. Franchisees must provide executed originals of these agreements to Hyper Kidz upon request.
Failure to obtain the required Confidentiality and Non-Competition Agreements from Principals and employees constitutes a material breach of the franchise agreement. This highlights the importance Hyper Kidz places on protecting its confidential information and preventing unfair competition.