Under what condition is a waiver binding for Kidokinetics?
Kidokinetics Franchise · 2024 FDDAnswer from 2024 FDD Document
s 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); and
WHEREAS, as a condition to Franchisor's consent to (transfer the Agreement/enter into a successor franchise agreement/amend the Agreement/terminate the Agreement/other reason), Releasor h
Source: Item 22 — CONTRACTS (FDD page 59)
What This Means (2024 FDD)
According to the 2024 Kidokinetics Franchise Disclosure Document, a waiver and release of claims is made when the franchisor and franchisee have entered into a Franchise Agreement where the franchisee was granted the right to own and operate a Kidokinetics business. The waiver is applicable when the franchisee has notified Kidokinetics of its desire to transfer the agreement and all rights related to a transferee, enter into a successor franchise agreement, or amend the agreement. It also applies when the agreement is being terminated, or another reason exists for the requirement of the waiver and release, and Kidokinetics has consented to such transfer, successor franchise agreement, amendment, termination, or other reason.
Kidokinetics requires the Releasor to execute the release upon the terms and conditions stated in the agreement as a condition to Kidokinetics's consent to transfer the agreement, enter into a successor franchise agreement, amend the agreement, terminate the agreement, or for any other reason. This ensures that all parties are in agreement with the changes or termination of the franchise agreement and that all potential claims are released.
This condition is important for a prospective franchisee to understand because it outlines the circumstances under which they may be required to sign a waiver and release of claims. It also highlights the importance of carefully reviewing the terms and conditions of the franchise agreement and any subsequent amendments or terminations to ensure they are fully aware of their rights and obligations. Franchisees should seek legal counsel to fully understand the implications of signing such a release.