In the Kidokinetics 'Approval of Requested Assignment', what is the significance of the blank spaces for dates and locations?
Kidokinetics Franchise · 2024 FDDAnswer from 2024 FDD Document
| This Approval of Requested Assignment ("Agreement") is entered into this day of, 20, between Kidokinetics Franchise LLC ("Franchisor"), a |
|---|
| Florida limited liability company, ("Former Franchisee"), the |
| Florida limited liability company, ("Former Franchisee"), the undersigned owners of Former Franchisee ("Owners") and, a |
| [a/an Formation State] [corporation/limited liability company]"_("New Franchisee"). |
| RECITALS |
| WHEREAS, Franchisor and Former Franchisee entered into that certain franchise agreement dated, 20 ("Former Franchise Agreement"), in which |
| Franchisor granted Former Franchisee the right to operate a Kidokinetics franchise located at ("Franchised Business"); and |
| WHEREAS, Former Franchisee desires to assign ("Requested Assignment") the Franchised Business to New Franchisee, New Franchisee desires to accept the Requested Assignment of the Franchised Business from Former Franchisee, and Franchisor desires to approve the Requested Assignment of the Franchised Business from Former Franchisee to New Franchisee upon the terms and conditions contained in this Agreement, including that New Franchisee sign Franchisor's current form of franchise agreement together with all exhibits and attachments thereto ("New Franchise Agreement"), contemporaneously herewith. |
Source: Item 22 — CONTRACTS (FDD page 59)
What This Means (2024 FDD)
According to Kidokinetics's 2024 Franchise Disclosure Document, the blank spaces in the 'Approval of Requested Assignment' document are placeholders for specific details that will be filled in when an actual franchise assignment occurs. These blanks are significant because they indicate that the document is a template and requires customization for each unique assignment scenario.
The blanks for the date (day of, 20) indicate that the agreement's effective date will be specified upon execution. Similarly, the blank for the location of the Kidokinetics franchise business (located at) signifies that the specific address of the franchise being transferred must be inserted to accurately identify the business involved in the assignment. The inclusion of these blanks ensures that the agreement is tailored to the specific circumstances of each franchise transfer, making it legally sound and applicable.
Prospective Kidokinetics franchisees should understand that this document is not a static form but a customizable agreement. They should pay close attention to these blanks when reviewing an assignment agreement to ensure that all information is accurate and complete before signing. This level of detail is typical in franchise agreements, as it ensures clarity and protects the interests of all parties involved, including the franchisor, the former franchisee, and the new franchisee.