Does the Management Recruiters Franchise Agreement specify the date on which the agreement regarding non-competition and confidentiality is signed?
Management_Recruiters Franchise · 2024 FDDAnswer from 2024 FDD Document
es as Franchisor may from time to time direct. Any required payment or report not actually received by Franchisor during regular business hours on the date due or postmarked by postal authorities at least two (2) days prior to the date due shall be deemed delinquent.
FRANCHISOR
IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective as of the day and year first written above.
HQ MRI CORPORATION [ ]
Schedule 1 Location
Schedule 2 Principals
Exhibit A Franchisee Nondisclosure and Noncompetition Agreement
(See attached)
NONDISCLOSURE AND NONCOMPETITION AGREEMENT (FRANCHISEE)
In consideration of the execution by HQ MRI Corporation of a Franchise Agreement with [Franchisee] relating to an MRI franchise, the undersigned, who are the Beneficial Owners and/or Principal Officers and Directors of [Franchisee] (the "FRANCHISEE"), agree individually and jointly to comply with and be bound by all provisions of the Franchise Agreement in any way related to nondisclosure and non-competition, including but not limited to Section 17 of the Franchise Agreement.
This Nondisclosure and Non-competition Agreement shall be executed by all persons and other legal entities who are now and who shall from time-to-time be such Beneficial Owners and/or Principal Officers and Directors of the Franchisee, and the execution hereof by all such persons and legal entities shall be the responsibility of the undersigned.
Source: Item 23 — RECEIPTS (FDD pages 67–327)
What This Means (2024 FDD)
According to the 2024 Management Recruiters Franchise Disclosure Document, the Franchisee Nondisclosure and Noncompetition Agreement included as Exhibit A is signed in consideration of the execution of the Franchise Agreement. The Nondisclosure and Noncompetition Agreement is agreed to individually and jointly by the Beneficial Owners and/or Principal Officers and Directors of the Franchisee.
Furthermore, the Nondisclosure and Noncompetition Agreement states that the undersigned agree to be individually bound by the provisions of the Franchise Agreement relating to non-competition and confidentiality. The physical copy of the agreement includes fillable blanks for the day and month, indicating when the agreement is to be signed.
Management Recruiters also requires franchisees to obtain non-compete, non-solicitation, and confidentiality agreements from their employees within five days after the date of the Franchise Agreement or the date of the employee's employment, whichever is later. These agreements must be in a form and substance satisfactory to Management Recruiters and are enforceable by Management Recruiters against the employee. This ensures that the franchisor's interests are protected not only by the franchisee but also by the franchisee's staff.