Who is considered the 'Depositor' in the Pearce Bespoke authorization form?
Pearce_Bespoke Franchise · 2025 FDDAnswer from 2025 FDD Document
| The undersigned depositor ("Depositor" or "Licensee") hereby authorizes Pearce Bespoke Franchising, LLC ("Licensor") to initiate debit entries and/or credit correction entries to the undersigned's checking and/or savings account(s) indicated below, and the depository designated below ("Depository" or "Bank") to debit or credit such account(s) pursuant to Licensor's instructions. Please attach a voided blank check, for purposes of setting up bank and transit numbers. |
|---|
| Depository: |
| Branch: |
| City, State Zip: |
| Bank Transit/ABA Number: |
| Account Number: |
| This authority is to remain in full force and effect until 60 days after Licensor has received written |
| notification |
| from Licensee of its termination or expiration. |
| AGREED: |
| LICENSEE: |
| [FRANCHISEE ENTITY] |
| Signature: |
| Name: |
| Title: |
| Date: |
Source: Item 22 — CONTRACTS (FDD page 39)
What This Means (2025 FDD)
According to Pearce Bespoke's 2025 Franchise Disclosure Document, the 'Depositor' in the authorization form is also referred to as the 'Licensee'. The authorization form allows Pearce Bespoke Franchising, LLC ('Licensor') to initiate debit or credit entries to the franchisee's checking or savings account.
This means that as a Pearce Bespoke franchisee, you authorize the company to directly debit or credit your designated bank account for various fees or payments as outlined in the franchise agreement. This is a fairly standard practice in franchising, as it streamlines payment processes.
The authorization remains in effect until 60 days after Pearce Bespoke receives written notification from the franchisee (Licensee) regarding termination or expiration of the agreement. Therefore, it's crucial for a franchisee to formally notify Pearce Bespoke in writing when the franchise agreement ends to stop these automatic transactions. Attaching a voided check is required to set up the bank and transit numbers for this process.