Is the Kidokinetics Franchisee's Personal Guaranty revocable or irrevocable?
Kidokinetics Franchise · 2024 FDDAnswer from 2024 FDD Document
| This Franchisee's Personal Guaranty and Covenant (this "Guaranty") is given by each of the |
|---|
| undersigned (each, a "Guarantor") on [], 20 to Kidokinetics Franchise LLC, a Florida |
| limited liability company ("Franchisor"), in order to induce Franchisor to enter into that certain Franchisor |
| Agreement dated of even date herewith (the "Franchise Agreement") with, |
| a("Franchisee"). |
Source: Item 22 — CONTRACTS (FDD page 59)
What This Means (2024 FDD)
Based on the 2024 Kidokinetics Franchise Disclosure Document, the excerpt provided discusses the Franchisee's Personal Guaranty. Specifically, it mentions that each guarantor signs the Guaranty to induce Kidokinetics Franchise LLC to enter into the Franchise Agreement with the franchisee. However, the document does not state whether the Franchisee's Personal Guaranty is revocable or irrevocable.
Because the excerpt does not specify whether the guaranty is revocable, prospective Kidokinetics franchisees should carefully review the full Franchise Agreement and related documents, paying close attention to the terms and conditions of the Personal Guaranty.
It is essential to seek clarification from Kidokinetics regarding the revocability of the Personal Guaranty to fully understand the obligations and potential liabilities associated with it. Understanding this aspect is crucial for assessing the financial risks and commitments involved in becoming a Kidokinetics franchisee.