When does the power of attorney granted to Hyper Kidz by the franchisee become irrevocable?
Hyper_Kidz Franchise · 2024 FDDAnswer from 2024 FDD Document
At Franchisor's request, Franchisee shall execute such forms and documents as Franchisor deems necessary to appoint Franchisor its true and lawful attorney-in-fact, with full power and authority, for the sole purpose of assigning to Franchisor, Franchisee's telephone numbers and listings; and provide Franchisor with passwords and administrator rights for all email, software, social media or other such accounts used or created by Franchisee in order to operate the Franchised Business.
Upon the expiration or termination of this Agreement, Franchisor may exercise its authority, pursuant to such documents, to obtain any and all of Franchisee's rights to the telephone numbers of the Franchised Business and all related telephone directory listings and other business listings, and all Internet listings, domain names, Internet advertising, websites, listings with search engines, electronic mail addresses, social media, or any other similar listing or usages related to the Franchised Business;
Source: Item 22 — CONTRACTS (FDD page 52)
What This Means (2024 FDD)
According to the 2024 Hyper Kidz Franchise Disclosure Document, upon termination or expiration of the Franchise Agreement, Hyper Kidz may exercise its authority as attorney-in-fact to obtain the franchisee's rights to telephone numbers, directory listings, internet listings, domain names, websites, email addresses, social media accounts, and other similar usages related to the franchised business. This power of attorney allows Hyper Kidz to manage these digital assets after the franchise relationship ends.
The Franchise Agreement states that the franchisee will execute documents to appoint Hyper Kidz as their attorney-in-fact for the purpose of assigning telephone numbers and listings. The franchisee must also provide Hyper Kidz with passwords and administrator rights for all email, software, social media, or other such accounts used to operate the franchised business. This ensures Hyper Kidz can take control of these assets.
The FDD does not specify when the power of attorney becomes irrevocable. A prospective franchisee should seek clarification from Hyper Kidz regarding the specific conditions under which this power of attorney can be revoked or modified. Understanding the duration and terms of this power of attorney is crucial for franchisees to protect their interests and maintain control over their business assets to the extent possible.