Who are the 'Released Parties' as defined in the Kidokinetics Waiver and Release of Claims?
Kidokinetics Franchise · 2024 FDDAnswer from 2024 FDD Document
e at any time.
EXHIBIT H-1
KIDOKINETICS FRANCHISE
SAMPLE GENERAL RELEASE AGREEMENT
WAIVER AND RELEASE OF CLAIMS
This Waiver and Release of Claims ("Release") is made as of ___________________________________
WHEREAS, Franchisor and Franchisee have entered into a Franchise Agreement ("Agreement") pursuant to which Franchisee was granted the right to own and operate a Kidokinetics business;
WHEREAS, (Franchisee has notified Franchisor of its desire to transfer the Agreement and all rights related thereto, or an ownership interest in Franchisee, to a transferee/enter into a successor franchise agreement/amend the Agreement) or (the Agreement is being terminated/or indicate other reason for the requirement of this waiver and release), and Franchisor has consented to such (transfer/successor franchise agreement/amendment/termination/other reason);
Source: Item 22 — CONTRACTS (FDD page 59)
What This Means (2024 FDD)
Based on the 2024 Kidokinetics Franchise Disclosure Document, the "Waiver and Release of Claims" involves a "Releasor" agreeing to certain conditions as part of a franchise agreement. The document refers to situations where a franchisee might transfer their agreement, enter into a successor agreement, amend the existing agreement, or terminate it altogether. In these scenarios, the franchisor requires the Releasor to execute the release under specific terms.
The sample general release agreement included as Exhibit H-1 in Item 22 does not specifically define the term "Released Parties" within the provided excerpts. However, it outlines the circumstances under which the release is required, such as transferring the franchise agreement or upon termination of the agreement. The agreement emphasizes that the release is a condition of the franchisor's consent to these actions.
To fully understand who the 'Released Parties' are under the Kidokinetics Waiver and Release of Claims, a prospective franchisee should carefully review the complete Exhibit H-1 and related sections within Item 22 of the FDD. It would be prudent to ask the franchisor for clarification on this definition to fully grasp the scope of the release and its implications.