What is the extent of the guarantee provided by each Principal and each Principal's spouse 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 their spouse must personally execute a Guaranty and Confidentiality and Non-Compete Agreement. This agreement binds them to the terms outlined in Attachments E and F of the Franchise Agreement.
Specifically, each Principal and their spouse jointly and individually guarantee the franchisee's performance of all obligations, covenants, and agreements under the Franchise Agreement. This means they are personally liable for ensuring the franchisee meets all requirements and responsibilities detailed in the agreement.
This guarantee extends to all aspects of the franchisee's obligations, making the Principal and their spouse responsible for the franchisee's adherence to the agreement's terms. Additionally, they are bound by the terms of the Guaranty and Confidentiality and Non-Compete Agreement, further solidifying their commitment to upholding the franchise's standards and protecting its interests.