What agreements must each Principal and each Principal's spouse personally execute for a Kidokinetics franchise?
Kidokinetics Franchise · 2024 FDDAnswer from 2024 FDD Document
Each Principal and each Principal's spouse will personally execute and bind himself or herself to the Guaranty and Confidentiality and Non-Compete Agreement, in the forms of Attachments E and F to this Agreement, respectively.
Each shall jointly and severally guarantee Franchisee's performance of all of Franchisee's obligations, covenants and agreements under the Agreement, and otherwise bind themselves to the terms of this Agreement as stated herein, pursuant to the terms and conditions of the Guaranty and Confidentiality and Non-Compete Agreement.
Source: Item 22 — CONTRACTS (FDD page 59)
What This Means (2024 FDD)
According to Kidokinetics's 2024 Franchise Disclosure Document, each Principal and each Principal's spouse must personally execute two agreements. These are the Guaranty and the Confidentiality and Non-Compete Agreement, which are included as Attachments E and F to the Franchise Agreement.
By signing the Guaranty, the Principal and their spouse jointly and severally guarantee the franchisee's performance of all obligations, covenants, and agreements under the Franchise Agreement. This means they are personally liable for the franchisee's adherence to the terms of the agreement.
Additionally, the Confidentiality and Non-Compete Agreement binds them to the terms outlined within that specific agreement, likely including restrictions on disclosing confidential information and engaging in competitive activities during and after the franchise term. This is a standard practice in franchising to protect the franchisor's proprietary information and market position.