Who is considered the 'Licensor' 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, Pearce Bespoke Franchising, LLC is designated as the 'Licensor' in the authorization form. This form pertains to initiating debit and credit entries to the franchisee's (referred to as 'Licensee' or 'Depositor') bank accounts. Pearce Bespoke, as the Licensor, is authorized to instruct the franchisee's bank to debit or credit the specified accounts.
This authorization remains effective until 60 days after Pearce Bespoke receives written notification from the franchisee regarding termination or expiration of the agreement. The franchisee must provide their bank details, including the bank's transit/ABA number and account number, on the authorization form. A voided blank check is required to set up the bank and transit numbers.
In practical terms, this clause allows Pearce Bespoke to manage financial transactions directly related to the franchise operations, such as royalty payments or other fees, by directly accessing the franchisee's bank account. The franchisee retains the right to terminate this authorization, but must provide a 60-day notice to Pearce Bespoke. This direct debit authorization is a fairly standard practice in franchising, streamlining payment processes and ensuring timely remittances to the franchisor.