What is the document called that was entered into by Kidokinetics and the Former Franchisee?
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 | |--------------------------------------------------------------------------------------------------------------------------
Source: Item 22 — CONTRACTS (FDD page 59)
What This Means (2024 FDD)
According to Kidokinetics' 2024 Franchise Disclosure Document, the document entered into by Kidokinetics and the Former Franchisee is called the "Approval of Requested Assignment" or simply "Agreement". This document outlines the terms and conditions related to the transfer of franchise rights from a former franchisee to a new franchisee.
Specifically, the "Agreement" addresses key aspects of the franchise transfer, including the consent of the former franchisee to assign their rights and delegate their duties under the original franchise agreement to the new franchisee. It also covers the franchisor's consent to the assignment of the franchised business, contingent upon the receipt of the franchisor's assignment fee and the execution of the agreement by all involved parties.
Furthermore, the "Agreement" stipulates the termination of the former franchise agreement and the former franchisee's rights to operate the business, ensuring that only the new franchisee has the right to operate under the new franchise agreement. The former franchisee is still obligated to comply with any surviving covenants from the original agreement and may be required to sign a general release agreement. This document is crucial in ensuring a smooth transition of franchise ownership and clarifying the rights and responsibilities of all parties involved during the transfer process.