What is the Ledgers franchisee's responsibility regarding recurring fees?
Ledgers Franchise · 2025 FDDAnswer from 2025 FDD Document
2.15. Payment Terms
Recurring fees: You are responsible for providing a monthly Royalty Report to us. The Royalty Report is due on the 10th day following the end of each month. The Royalty Report is used to calculate your Royalty Payments owed to us. Your Royalty Payments are due on the same date. You will execute an Automatic Bank Draft Authorization on a form substantially similar to that in Schedule 2. We will draft your Royalty Payment on the 10th day of each month or as soon thereafter as they are processed by us.
Other fees: We will provide an invoice to you for other fees incurred. Payment is due upon receipt. We will draft your account on the same date, or as soon thereafter as the draft is processed by us. We reserve the right to deduct monies that you owe to us from any monies that we pay to you.
Source: Item 22 — CONTRACTS (FDD page 46)
What This Means (2025 FDD)
According to Ledgers's 2025 Franchise Disclosure Document, franchisees are responsible for submitting a monthly Royalty Report to Ledgers by the 10th day following the end of each month. This report is used to calculate the Royalty Payments owed to Ledgers, which are also due on the 10th day of each month.
To ensure timely payments, Ledgers franchisees are required to execute an Automatic Bank Draft Authorization, allowing Ledgers to draft the Royalty Payment from their account on the 10th of each month, or as soon as the payments are processed.
In addition to royalty payments, Ledgers will provide invoices to franchisees for other fees incurred, which are due upon receipt. Ledgers also reserves the right to deduct any monies owed by the franchisee from any payments that Ledgers makes to the franchisee.