What is the late fee for overdue Franchise Agreement fees for Precision Door Service?
Precision_Door_Service Franchise · 2025 FDDAnswer from 2025 FDD Document
,000 and above | 4% | | TYPE OF FEE | AMOUNT | | | If you obtain QuickBooks Online through ZorWare, you will pay an additional fee of $30-$200 per month depending on the license tier that you select. | | | | | Late Fees (on | $25 per month or the maximum amount allowed under the law, whichever is less. | | Software | | | System Fees) 1,5 | | | Annual | s2,000 if you fail to attend or participate. | | Convention | | | ("Reunion") | | | Fees 1 | | | Transfer Fee 1, 5 | $20,000 | | | | | TYPE OF FEE | AMOUNT | DUE DATE | REMARKS | |--------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | and for each Franchise Agreement transferred at the same time. | | Training Fee as part of Buyer Commitment Agreement1 | $14,900 | Prior to attending training. | This fee is payable only in the event of a transfer where you and your transferee buyer request that the transferee buyer attend training prior to the closing on the sale of your Business and is in addition to all other transfer requirements. | | Late Fees1 | $10 per day | On demand | Applies to fees that are overdue. | | (Franchise | | | | | Agreement) | | | | | Dishonored Check or ACH Draft1 | $50 | On demand | You must pay us for each check returned or ACH draft refused by your financial institution for insufficient funds in your account. | | Interest1 | 12% on unpaid balances | On demand | Payable on all overdue amounts. The twelve percent (12%) charge is calculated as a per annum rate but may be collected on demand, including weekly or monthly through automatic bank draft.
Source: Item 6 — OTHER FEES (FDD pages 28–36)
What This Means (2025 FDD)
According to Precision Door Service's 2025 Franchise Disclosure Document, franchisees may incur late fees for overdue payments related to the Franchise Agreement. Specifically, a late fee of $10 per day is applied to any Franchise Agreement fees that are not paid on time. This late fee is charged on demand.
In addition to the daily late fee for Franchise Agreement payments, Precision Door Service also charges late fees on software and system fees. These late fees are $25 per month or the maximum amount allowed under the law, whichever is less.
Prospective franchisees should be aware of these potential late fee charges and ensure they understand the due dates for all fees outlined in the Franchise Agreement to avoid incurring these additional costs. It is also important to note that Precision Door Service charges 12% interest on all unpaid balances, which is payable on demand.