What is required of Kidokinetics for a waiver to be considered binding?
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)
According to Kidokinetics' 2024 Franchise Disclosure Document, Exhibit H-1 provides a sample general release agreement and waiver and release of claims form. This release is made as of a specific date, which must be filled in. The agreement outlines that the franchisee and franchisor have entered into a franchise agreement where the franchisee was granted the right to own and operate a Kidokinetics business.
The document further states that the franchisee has notified the franchisor of their desire to transfer the agreement, all rights related to it, or an ownership interest in the franchisee to a transferee, enter into a successor franchise agreement, or amend the agreement. Alternatively, the agreement is being terminated, or another reason necessitates the waiver and release. The franchisor must consent to the transfer, successor franchise agreement, amendment, or termination.
As a condition of the franchisor's consent to transfer the agreement, enter into a successor franchise agreement, amend the agreement, terminate the agreement, or for any other reason, the releasor must agree to execute the release upon the terms and conditions stated in the document. This indicates that the waiver is binding when all parties agree to its terms and conditions, and it is properly executed as part of a transfer, successor agreement, amendment, or termination of the franchise agreement.