In the context of the My Salon Suite waiver and release of claims, who is considered the 'Releasor'?
My_Salon_Suite Franchise · 2025 FDDAnswer from 2025 FDD Document
| , This Waiver and Release of Claims (the "Release") is made as of | 20 | |
|---|---|---|
| by | , a(n) | |
| ("Franchisee"), | ||
| and | each | in |
| individual holding | ||
| an | ||
| ownership | ||
| interest | ||
| in | ||
| Franchisee | ||
| (collectively | ||
| with | ||
| Franchisee, | ||
| "Releasor") | ||
| favor | of | |
| Suite | ||
| Management | ||
| Franchising, | ||
| LLC, | ||
| a | ||
| Florida | ||
| limited | ||
| liability | ||
| company | ||
| ("Franchisor," | ||
| and | ||
| together | ||
| with Releasor, the "Parties"). |
Source: Item 6 — Other Intangibles and Goodwill (FDD pages 274–314)
What This Means (2025 FDD)
According to My Salon Suite's 2025 Franchise Disclosure Document, the 'Releasor' in the Waiver and Release of Claims includes the franchisee and each individual holding an ownership interest in the franchisee. This means that not only the primary franchisee entity but also any individuals with an ownership stake in that entity are collectively considered the 'Releasor'.
This definition is important because the 'Releasor' is the party who is giving up certain rights and claims against My Salon Suite as part of the release. By including all individuals with an ownership interest, My Salon Suite ensures that all relevant parties are bound by the terms of the release, preventing potential future claims from individual owners.
For a prospective My Salon Suite franchisee, this means that if you have partners or investors with an ownership stake in your franchise entity, they will also need to sign the release and will be subject to its terms. It is crucial to fully understand the implications of the release and ensure that all parties involved are aware of their rights and obligations before signing.