What does the Releasor represent and warrant regarding their authority to enter into the Release for Kidokinetics?
Kidokinetics Franchise · 2024 FDDAnswer from 2024 FDD Document
Releasor represents and warrants that it is duly authorized to enter into this Release and to perform the terms and obligations herein contained, and has not assigned, transferred, or conveyed, either voluntarily or by operation of law, any of its rights or claims against Franchisor or any of the rights, claims, or obligations being terminated and released hereunder. Each individual executing this Release on behalf of Franchisee represents and warrants that he/she is duly authorized to enter into and execute this Release on behalf of Franchisee. Releasor further represents and warrants that all individuals that currently hold a direct or indirect ownership interest in Franchisee are signatories to this Release.
Source: Item 22 — CONTRACTS (FDD page 59)
What This Means (2024 FDD)
According to Kidokinetics' 2024 Franchise Disclosure Document, the Releasor represents and warrants that they are duly authorized to enter into the Release and fulfill its terms and obligations. They also confirm that they have not assigned, transferred, or conveyed any rights or claims against Kidokinetics or any rights, claims, or obligations being terminated and released.
For franchisees, this means that the person signing the release on behalf of the franchisee entity must have the legal authority to do so, ensuring the release is valid and binding. If the franchisee is a corporation or LLC, this would typically be an officer or manager.
Furthermore, any individual signing on behalf of the franchisee confirms they are authorized to do so. The Releasor also confirms that all individuals with a direct or indirect ownership interest in the franchisee are signatories to the Release. This is to ensure that all parties with a stake in the franchise are aware of and agree to the terms of the release, preventing future disputes.
This requirement is a standard legal practice to ensure that all relevant parties agree to the terms of the release, making it legally sound and enforceable. Prospective Kidokinetics franchisees should ensure that all owners and authorized representatives are fully aware of the implications before signing any release agreement.