From what date does interest accrue on overdue amounts owed to Mr. Sandless?
Mr_Sandless Franchise · 2025 FDDAnswer from 2025 FDD Document
| Type of Fee | Amount | Due Date | Remarks |
|---|---|---|---|
| Interest on Overdue Amounts | 18% per annum or the highest lawful interest rate for commercial transactions, whichever is less | As incurred | See Note 3. Interest accrues from the original due date until payment is made in full |
Source: Item 6 — OTHER FEES (FDD pages 10–13)
What This Means (2025 FDD)
According to Mr. Sandless's 2025 Franchise Disclosure Document, interest on overdue amounts accrues from the original due date until the payment is made in full. The interest rate is 18% per annum or the highest lawful interest rate for commercial transactions, whichever is less.
This means that if a Mr. Sandless franchisee fails to pay fees or other amounts owed to the company by the specified due date, interest charges will begin to accumulate from that original due date. The franchisee will be responsible for paying this interest in addition to the overdue amount.
It is important for prospective Mr. Sandless franchisees to understand this policy and ensure that all payments are made on time to avoid incurring interest charges. Franchisees should also be aware of the specific due dates for various fees, such as royalty fees and advertising fund contributions, as outlined in Item 6 of the FDD.