factual

Does the acknowledgement of confidentiality obligations extend to individuals associated with a Precision Door Service franchisee?

Precision_Door_Service Franchise · 2025 FDD

Answer from 2025 FDD Document

rties.

  • (6) This Addendum may be executed in multiple copies and via facsimile or electronic signature, each and all of which will be deemed an original.

[Signature Page Follows]

IN WITNESS WHEREOF, the parties hereunder have duly executed and delivered this Addendum to the Franchise Agreement as of the Effective Date.

Amounts due within one year, net of allowance for credit
$9,530 7,846
losses of $89 as of December, 31, 2023 and allowance for $
doubtful accounts of $166 as of December 31, 2022
Amounts due after one year, net of allowance for credit
losses of $474 as of December 31, 2023 and allowance for 15,221 17,884
doubtful accounts of $379 as of December 31, 2022
Total trade notes receivable, net $24,751 $25,730

Schedule A

List of Entities and Individuals Signing Confidentiality Agreements

Schedule B

Form of Confidentiality Agreement

CONFIDENTIALITY AGREEMENT

This CONFIDENTIALITY AGREEMENT (this "Agreement") is entered into by the undersigned, ___________________ ("you"), for the benefit of Precision Door Service SPV LLC ("PDS") and any affiliate of PDS that offers and sells franchises (such affiliates, together with PDS, each a "Neighborly Franchisor" and collectively, "Neighborly Franchisors"), each a Delaware limited liability company.

WHEREAS, you are associated with an entity that intends to enter into one or more Franchise Agreements (as defined below) with a Neighborly Franchisor ("Franchisee"), as an owner, officer or director of Franchisee;

WHEREAS, one or more Neighborly Franchisors intend to enter into one or more Franchise Agreements (each, "Franchise Agreement") with Franchisee, pursuant to which each applicable Neighborly Franchisor will grant Franchisee a license to use the applicable Neighborly Franchisor's trademarks, services marks, logos and other indicia of origin ("Marks") and the applicable Neighborly Franchisor's methods of operation ("System") in connection with the operation of a franchised business described in the Franchise Agreement ("Franchised Business"), in a geographical area specified in the Franchise Agreement. (Capitalized terms used herein without a definition shall have the same meaning as assigned to them in the applicable Franchise Agreement. For avoidance of doubt, the term "Franchised Business" refers to the specific business operated by Franchisee pursuant to a Franchise Agreement with the applicable Neighborly Franchisor.); and

WHEREAS, each Neighborly Franchisor and its affiliates have developed, at considerable effort and expense, the Neighborly Franchisor's System, which will be revealed to Franchisee pursuant to the applicable Neighborly Franchisor's Franchise Agreement, and you will be involved in the operation of a Franchised Business such that you will be exposed to and learn procedures, techniques and other matters that are identified and treated by the applicable Neighborly Franchisor as confidential, proprietary or trade secret, including, without limitation, information regarding the operational, sales, and marketing methods and techniques of the applicable Neighborly Franchisor (such information disclosed by any such Neighborly Franchisor pursuant to a Franchise Agreement, collectively, the "Confidential Information"); and

WHEREAS, you agree that you will receive material benefit from a Neighborly Franchisor entering into a Franchise Agreement with Franchisee. In exchange for that good consideration, you agree to execute and be bound by this Agreement.

NOW, THEREFORE, you hereby agree as follows:

    1. Acknowledgement of Confidentiality Obligation. You acknowledge that through your association or relationship with Franchisee, you will receive valuable Confidential Information that provides a competitive advantage in the development of the applicable Franchised Business. You acknowledge and agree that any such Confidential Information, including all Operations Manuals, are confidential and proprietary in nature and contain trade secrets belonging to the applicable Neighborly Franchisor and that all such tangible evidence of Confidential Information is a property right of great value to each Neighborly Franchisor.

Source: Item 23 — Receipts (FDD pages 92–433)

What This Means (2025 FDD)

According to the 2025 Precision Door Service FDD, confidentiality obligations do extend to individuals associated with a franchisee. Specifically, the Confidentiality Agreement is entered into by individuals associated with an entity that intends to enter into a Franchise Agreement with a Neighborly Franchisor, such as an owner, officer, or director of the Franchisee. This agreement ensures that these individuals acknowledge and agree to be bound by the confidentiality provisions outlined in the Franchise Agreement.

The FDD emphasizes that these individuals will receive valuable Confidential Information that provides a competitive advantage in the development of the franchised business. This information includes operational, sales, and marketing methods and techniques, all of which are considered confidential, proprietary, and trade secrets of the Neighborly Franchisor. The individuals acknowledge that all Operations Manuals are confidential and proprietary and contain trade secrets belonging to the Neighborly Franchisor, with all tangible evidence of Confidential Information being a property right of great value to each Neighborly Franchisor.

Furthermore, the agreement specifies that these individuals agree not to use Confidential Information without prior written approval from the Neighborly Franchisor, except as provided in the Franchise Agreement. They also agree not to disclose, communicate, or divulge any Confidential Information for their benefit or for the benefit of any third party, including competitors of the franchised business or the Neighborly Franchisor. This ensures that the confidentiality obligations are comprehensive and cover all individuals who have access to Precision Door Service's confidential information through their association with the franchisee.

Disclaimer: This information is extracted from the 2025 Franchise Disclosure Document and is provided for research purposes only. It does not constitute legal or financial advice. Consult with a franchise attorney before making any investment decisions.