According to the Kidokinetics Confidentiality and Non-Compete Agreement, how can the agreement be modified?
Kidokinetics Franchise · 2024 FDDAnswer from 2024 FDD Document
- i. This Agreement contains the entire agreement of the parties regarding the subject matter hereof and supersedes all prior written or oral agreements of the parties concerning the same subject matter. This Agreement may be modified only by a duly authorized writing executed by all parties.
Source: Item 22 — CONTRACTS (FDD page 59)
What This Means (2024 FDD)
According to the 2024 Kidokinetics Franchise Disclosure Document, the Confidentiality and Non-Compete Agreement can only be modified through a written document. This written modification must be duly authorized and executed by all parties involved in the agreement. This requirement ensures that any changes to the agreement are formally documented and agreed upon by everyone concerned, preventing potential misunderstandings or disputes.
This clause is standard in franchise agreements to maintain clarity and enforceability. By requiring a written and authorized modification, Kidokinetics ensures that all parties are fully aware of any changes to their obligations and rights under the agreement. This protects both the franchisor and the franchisee by providing a clear record of any amendments.
Prospective Kidokinetics franchisees should understand that any verbal agreements or informal understandings will not be considered valid modifications to the Confidentiality and Non-Compete Agreement. Therefore, it is crucial to ensure that any desired changes are properly documented and executed in writing to be legally binding.