Who is the 'Licensor' 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 'Licensor' in the context of the authorization form is Pearce Bespoke Franchising, LLC. This authorization form allows Pearce Bespoke Franchising, LLC to initiate debit or credit entries to the franchisee's designated bank accounts.
This agreement requires the franchisee (referred to as the 'Licensee' or 'Depositor') to authorize Pearce Bespoke Franchising, LLC to manage transactions related to their accounts. This likely pertains to payments of franchise fees, royalties, or other financial obligations outlined in the franchise agreement. The franchisee must provide a voided check to facilitate the setup of bank and transit numbers for these transactions.
The authorization remains effective until 60 days after Pearce Bespoke Franchising, LLC receives written notification from the franchisee regarding termination or expiration of the agreement. This clause ensures that Pearce Bespoke has sufficient time to reconcile accounts and cease automated transactions upon the end of the franchise relationship. It is a standard practice in franchising to have such authorization for ease of payment and financial management.
Prospective franchisees should carefully review the terms of this authorization form and understand the implications of granting Pearce Bespoke Franchising, LLC access to their bank accounts. It is advisable to consult with a financial advisor to assess the risks and benefits associated with this arrangement.