What is the deadline for submitting Gross Sales Reports to Kidokinetics?
Kidokinetics Franchise · 2024 FDDAnswer from 2024 FDD Document
dy available to Franchisor under this Agreement.
- 5.7. Gross Sales Reports. Franchisee shall, on the Monday following the close of each reporting week (Saturday through Friday) by no later than 11:00 a.m., furnish Franchisor with a report showing Franchisee's Gross Sales and Sales Collected at or from the Kidokinetics Business and/or made pursuant to the rights granted hereunder during such period (the "Gross Sales Report"), whether or not Franchisee
has had Gross Sales during the period. The Gross Sales Report will be in such form and will contain such information as Franchisor may from time to time prescribe. At Franchisor's discretion, Franchisee will submit the Gross Sales Report by an electronic transfer of data using the management software we require (currently Kidolink), or any other such software that Franchisor may require Franchisee use in the operation of the Kidokinetics Business.
- 5.8. Method of Payment. Franchisee will, together with the submission of the Gross Sales Report, pay to Franchisor each Wednesday, via an electronic funds transfer program ("EFT Program") the Royalty and the Brand Development Fund, as defined and more particularly described in Article 13, then due. Franchisee must deposit all revenues from the operation of Franchisee's Kidokinetics Business into one bank account within three days of receipt, including cash, checks, and credit card receipts. Before opening Franchisee's Kidokinetics Business, Franchisee must provide Franchisor with Franchisee's bank name, address and account number, a voided check from the bank account, and sign and give to Franchisor and Franchisee's bank, all documents, including Attachment "G" to this Agreement, necessary to effectuate the EFT Program and Franchisor's ability to withdraw funds from such bank account via electronic funds transfer. Franchisee will immediately notify Franchisor of any change in Franchisee's banking relationship, including changes in account numbers. Franchisor reserves the right to require Franchisee to pay any fees due under this Agreement by such other means as Franchisor may specify from time to time. Franchisee's failure to allow electronic funds transfers on an ongoing basis is a breach of this Agreement.
- 5.9.
Source: Item 22 — CONTRACTS (FDD page 59)
What This Means (2024 FDD)
According to Kidokinetics' 2024 Franchise Disclosure Document, franchisees must submit Gross Sales Reports each week. These reports must be furnished to Kidokinetics no later than 11:00 a.m. on the Monday following the close of each reporting week, which runs from Saturday through Friday. The report must detail the franchisee's Gross Sales and Sales Collected at or from the Kidokinetics Business during that period. This requirement applies whether or not the franchisee has had Gross Sales during the reporting period.
Kidokinetics may specify the form and information required in the Gross Sales Report. At Kidokinetics' discretion, franchisees will submit the Gross Sales Report electronically using the required management software, currently Kidolink, or any other software Kidokinetics may require.
Failure to submit Gross Sales Reports on time can result in a late fee of $25 per week, in addition to any other remedies available to Kidokinetics under the Franchise Agreement. This late fee is not considered a penalty but is intended to cover Kidokinetics' costs resulting from the delay in receiving the report. The franchisee must also pay the Royalty, Brand Development Fund, and Technology Fee each Wednesday via an electronic funds transfer program.