When does a waiver of obligation or restriction take effect under the Management Recruiters franchise agreement?
Management_Recruiters Franchise · 2024 FDDAnswer from 2024 FDD Document
22.2. Waiver. Franchisor or Franchisee may unilaterally waive or reduce any obligation of or restriction upon the other only by a signed written instrument. Such waiver shall take effect upon delivery of the instrument to the other or such other date stated in the instrument. Any waiver shall be without prejudice to the waiving party's other rights and shall be subject to continuing review.
Source: Item 23 — RECEIPTS (FDD pages 67–327)
What This Means (2024 FDD)
According to the 2024 Management Recruiters Franchise Disclosure Document, a waiver of obligation or restriction requires a signed written instrument to be effective. The waiver takes effect either upon delivery of the instrument to the other party or on another date specifically stated within the instrument itself.
This means that for any obligation or restriction outlined in the franchise agreement, neither Management Recruiters nor the franchisee can unilaterally claim a waiver unless it is documented in a signed, written agreement. This agreement must then be delivered to the other party, and the waiver becomes effective upon delivery or on a date specified in the waiver itself.
It is also important to note that any waiver does not prevent the waiving party from enforcing their other rights and is subject to continuing review. This ensures that waiving a specific obligation once does not permanently relinquish the right to enforce it in the future, and the waiver can be re-evaluated over time.