In the Kidokinetics Franchise Agreement, what are the two terms used to refer to the agreement itself?
Kidokinetics Franchise · 2024 FDDAnswer from 2024 FDD Document
NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises, commitments and understandings contained herein, the parties hereby agree as follows:
AGREEMENT
- GRANT OF FRANCHISE. Franchisor hereby grants to Franchisee and Franchisee accepts, upon the terms and conditions herein contained, the license to operate a Kidokinetics franchise (the "Kidokinetics Business" or the "Franchised Business"), using only the Marks licensed hereunder, in strict conformity with the System, which may be changed, improved and further developed by Franchisor from time to time. This grant applies only to the territory which will be selected by Franchisee and approved by Franchisor, which is more particularly described in Section 2 herein and in Attachment "B" (the "Territory"). Franchisee understands and acknowledges that present or future franchisees of Franchisor may operate under different forms of franchise agreements and consequently that Franchisor's obligations and rights with respect to its various franchisees may differ materially in certain circumstances.
Source: Item 22 — CONTRACTS (FDD page 59)
What This Means (2024 FDD)
According to the 2024 Kidokinetics Franchise Disclosure Document, the agreement between Kidokinetics and the franchisee is referred to as both the "Agreement" and the "Franchise Agreement". These terms appear in various sections of the document, including the recitals and the granting of the franchise itself. This indicates that both terms are used interchangeably to denote the legal contract outlining the rights and responsibilities of both parties.
For a prospective Kidokinetics franchisee, understanding that the document can be referred to by either term is important for clarity when reviewing the FDD and related documents. Franchisees should be aware that any mention of either "Agreement" or "Franchise Agreement" refers to the same binding contract they are entering into with Kidokinetics. This is a fairly standard practice in franchising, where the core agreement may have multiple common names.
It is crucial for franchisees to carefully review the entire document, regardless of which term is used, to fully understand their obligations, the franchisor's obligations, and the terms and conditions of the franchise. Paying close attention to definitions and how these terms are used throughout the document can prevent misunderstandings and ensure a smooth franchise relationship with Kidokinetics.