What is the Guarantor acknowledging when they read the terms and conditions of the Kidokinetics Franchise Agreement?
Kidokinetics Franchise · 2024 FDDAnswer from 2024 FDD Document
Guarantor acknowledges that Guarantor is included in the term "Franchisee's Principal" as described in the Franchise Agreement.
Guarantor acknowledges that Guarantor has read the terms and conditions of the Franchise Agreement and acknowledges that the execution of this Guaranty and the undertakings of the Franchisee's Principal herein and in the Franchise Agreement are in partial consideration for, and a condition to the granting of, the rights granted in the Franchise Agreement, and that Franchisor would not have granted these rights without the execution of this Guaranty by Guarantor.
Source: Item 22 — CONTRACTS (FDD page 59)
What This Means (2024 FDD)
According to Kidokinetics's 2024 Franchise Disclosure Document, the Guarantor acknowledges several key points related to their role and obligations. The Guarantor acknowledges they are included in the term "Franchisee's Principal" as described in the Franchise Agreement. This means the Guarantor is subject to certain obligations and responsibilities outlined in the agreement.
Furthermore, the Guarantor acknowledges they have read the terms and conditions of the Franchise Agreement. They understand that their execution of the Guaranty and the undertakings of the Franchisee's Principal are partial consideration for granting the rights in the Franchise Agreement. Kidokinetics would not have granted these rights without the Guarantor's execution of the Guaranty. This highlights the importance of the Guarantor's role in securing the franchise rights.
In essence, the Guarantor's acknowledgment signifies their understanding of their obligations and the critical role they play in the franchise agreement. They are agreeing to be bound by the terms and conditions, and their guarantee is a condition for Kidokinetics granting the franchise rights.