What action is required of the recipient regarding the Itan Disclosure Document receipts?
Itan Franchise · 2025 FDDAnswer from 2025 FDD Document
(This Receipt should be executed in duplicate. One Receipt must be signed and remains in the Franchise Disclosure Document as the prospective franchise owner's copy. The other Receipt must be signed and returned to iTAN Franchising, Inc.)
ITEM 23 RECEIPT
EXHIBIT "J" to this Disclosure Document are detachable receipts. You are to sign both, keep one copy and return the other copy to us.
Source: Item 23 — RECEIPT (FDD pages 44–190)
What This Means (2025 FDD)
According to the 2025 Itan Franchise Disclosure Document, the receipt included as Exhibit "J" is detachable and requires specific actions from the recipient. The FDD states that the receipt should be executed in duplicate, meaning two copies must be signed. One signed copy is to be retained by the prospective franchise owner as their personal record. The other signed copy must be returned to iTAN Franchising, Inc. This confirms that the recipient must sign both copies, keep one, and send the other back to Itan.
This process serves as an acknowledgement that the prospective franchisee received the FDD and understands its purpose. Franchise regulations mandate a waiting period (often 14 days) between when the FDD is received and when any binding agreements are signed or payments are made. The signed receipt helps Itan document compliance with this rule.
It is important for the prospective franchisee to carefully follow these instructions. Failure to return the receipt could potentially lead to complications in the franchise approval process or raise questions about whether the franchisee fully complied with disclosure requirements. Keeping the other copy of the signed receipt is equally important for the franchisee's records.