What does each Guarantor waive regarding the Jersey Mikes agreement?

According to Jersey Mikes's 2025 Franchise Disclosure Document, the Guarantors waive certain notices related to the Maker's liability. Specifically, they waive notice of acceptance of the Guaranty, notice of any liability of Maker, notice of default, non-payment, partial payment, presentment, demand, protest, notice of protest or dishonor, and all other notices to which the Guarantors might otherwise be entitled, except for notices expressly set forth in the agreement or required by law.

This waiver means that Jersey Mikes does not have to inform the Guarantors of many routine or potential issues related to the Maker's obligations. The Guarantors are essentially agreeing to be bound by the terms of the guaranty without needing to be kept abreast of every detail or potential problem. This places a significant responsibility on the Guarantors, as they may be held liable without receiving immediate notification of issues.

This type of waiver is common in franchise agreements where a personal guaranty is required. It streamlines the process for the franchisor and allows them to take action more quickly in the event of a default. However, it increases the risk for the Guarantors, who should carefully consider the implications before signing the Guaranty. Guarantors should seek legal counsel to fully understand the extent of their obligations and the potential consequences of waiving these notices.