Who is the 'Licensee' referred to 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 'Licensee' in the context of the authorization form is the depositor who is authorizing Pearce Bespoke Franchising, LLC ('Licensor') to initiate debit and/or credit entries to their bank account. This authorization is for the purpose of Pearce Bespoke Franchising, LLC being able to debit or credit the franchisee's account based on their instructions.
In practical terms, this means that as a Pearce Bespoke franchisee, you ('Licensee' or 'Depositor') are giving Pearce Bespoke Franchising, LLC ('Licensor') permission to manage transactions directly from your designated bank account. This is likely for ongoing fees, purchases, or other financial obligations outlined in the Franchise Agreement. The authorization remains valid until 60 days after Pearce Bespoke Franchising, LLC receives written notification of termination or expiration from the franchisee.
As a prospective franchisee, it is important to understand the reasons behind these transactions and to carefully monitor your bank statements for accuracy. You should also clarify the specific circumstances under which Pearce Bespoke Franchising, LLC will debit or credit your account and what recourse you have if you disagree with any transaction. It is also important to note the clause that the authorization remains valid until 60 days after written notification of termination, ensuring that all financial matters are settled even after the franchise agreement ends.