What is the date of the Former Franchise Agreement referenced in the Kidokinetics 'Approval of Requested Assignment'?
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. |
| NOW, THEREFORE, in consideration of the mutual covenants, promises, and agreements herein contained, the parties hereto hereby covenant, promise, and agree as follows: |
| 1. Payment of Fees . In consideration for the Requested Assignment, Former Franchisee acknowledges and agrees to pay Franchisor the Transfer Fee, as required under the Franchise Agreement (" Franchisor's Assignment Fee "). |
Source: Item 22 — CONTRACTS (FDD page 59)
What This Means (2024 FDD)
According to Kidokinetics's 2024 Franchise Disclosure Document, the Former Franchise Agreement referenced in the Approval of Requested Assignment is dated sometime in 20--. The exact day and month are not specified in the FDD.
This agreement outlines the terms under which a previous franchisee's rights and responsibilities are transferred to a new franchisee. The 'Approval of Requested Assignment' is an agreement entered into by Kidokinetics, the former franchisee, the owners of the former franchise, and the new franchisee. This agreement is contingent upon several factors, including the new franchisee signing Kidokinetics's current franchise agreement.
Prospective franchisees should note that the franchisor must approve the transfer and that the former franchisee must meet certain obligations, such as paying any outstanding fees. The new franchisee must also sign the current franchise agreement. It is important for prospective franchisees to understand the conditions under which a transfer can occur and the obligations of all parties involved.
To clarify the specific date of the Former Franchise Agreement, a prospective franchisee should ask Kidokinetics for a complete copy of the agreement during their due diligence. This will help ensure a clear understanding of the terms and conditions that govern the franchise transfer process.