In the Itan Waiver and Release of Claims agreement, what parties are collectively referred to as 'Parties'?
Itan Franchise · 2025 FDDAnswer from 2025 FDD Document
| This Waiver and Release of Claims (this "Agreement") is made as of, 202 (the "Effective | ||
|---|---|---|
| Date") by, a(n) ("you") and each individual holding a | ||
| direct or indirect ownership interest in you (collectively "Owner") in favor of iTAN Franchising, Inc., a | ||
| California corporation ("us," and together with you and Owner, the "Parties"). |
Source: Item 23 — RECEIPT (FDD pages 44–190)
What This Means (2025 FDD)
According to Itan's 2025 Franchise Disclosure Document, the term "Parties" in the Waiver and Release of Claims agreement refers collectively to "you" (the franchisee), each individual holding a direct or indirect ownership interest in the franchisee (collectively "Owner"), and iTAN Franchising, Inc. ("us").
This definition is important for prospective Itan franchisees because it clarifies who is bound by the terms of the Waiver and Release of Claims agreement. The agreement impacts not only the franchisee entity but also any individuals with ownership stakes in that entity. Therefore, all owners must understand the implications of the agreement.
The agreement's scope extends to releases, covenants not to sue, and other obligations, so understanding who the "Parties" are is crucial for determining the extent of these obligations and protections. Franchisees should carefully review this agreement with legal counsel to fully grasp their rights and responsibilities, as well as those of iTAN Franchising, Inc., and the owners involved.