Under the Jersey Mikes Note, can the Holder waive their rights or remedies through an act or omission?
Jersey_Mikes Franchise · 2025 FDDAnswer from 2025 FDD Document
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- WAIVER BY HOLDER. Holder shall not be deemed, by any act or omission, to have waived any of its rights or remedies hereunder unless such waiver is in writing and signed by an a uthorized representative of Holder and then only to the extent specifically set forth in such writing. A waiver with reference to one event shall not be construed as continuing or as a bar to or waiver of any right or remedy as to a subsequent event.
Source: Item 22 — CONTRACTS (FDD page 77)
What This Means (2025 FDD)
According to Jersey Mike's 2025 Franchise Disclosure Document, the Holder, Jersey Mike's Franchise Systems, LLC, is not considered to have waived any rights or remedies simply through an act or omission.
For a waiver to be valid, it must be documented in writing and signed by an authorized representative of the Holder. The waiver is only effective to the extent explicitly stated in the written document. This means that Jersey Mike's must provide a written and signed statement to waive any specific right or remedy under the Note.
Furthermore, a waiver related to one event does not automatically extend to future events. It cannot be interpreted as a continuous waiver or a bar to any right or remedy concerning a subsequent event. This ensures that each instance of potential waiver is treated separately and requires its own specific written agreement. This protects Jersey Mike's rights unless they explicitly and repeatedly agree to waive them in writing.