If Kidokinetics requires a recurring software fee for Customized Software, what payment methods can the franchisee use?
Kidokinetics Franchise · 2024 FDDAnswer from 2024 FDD Document
ense fee, or the equivalent thereof, if applicable, for any Customized Software developed by Franchisor or its designee.
- B. Recurring Software Fees. Franchisee may be required to pay to Franchisor a recurring software fee in connection with the future license of any Customized Software via automatic bank draft, or such other method Franchisor designates. The amount of such fees will be the then-current amount charged for the Customized Software by Franchisor to franchisees of Franchisor.
- C. Agreements With Other Professional Consultants.
Source: Item 22 — CONTRACTS (FDD page 59)
What This Means (2024 FDD)
According to Kidokinetics's 2024 Franchise Disclosure Document, franchisees may be required to pay a recurring software fee for Customized Software. The FDD specifies that this recurring fee can be paid via automatic bank draft or any other method that Kidokinetics designates.
This means that a Kidokinetics franchisee should anticipate the possibility of a recurring software fee and be prepared to make payments through automatic bank drafts. It is within Kidokinetics's discretion to determine the payment method, so franchisees must stay informed of any changes to payment procedures.
It is important to note that late payments are subject to interest. Any payment not made within ten days of the due date will incur interest at a rate of 18% per annum, or the highest rate allowed by law, whichever is less. This underscores the importance of adhering to the designated payment method and ensuring timely payments to avoid additional charges.