When is interest due on late payments to Pump It Up?

Question

Accepted Answer

| Type of Fee               | Amount                                                                                                                                                                                                                    | Due Date                                                                                                                                                                                                                | Remarks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Transfer Fee (1) | \$10,000-\$20,000 The fee will depend on level of initial training and support that the prospective transferee will require as part of the transfer. | \$3,000 Transfer Deposit payable when we receive notice that you have identified a potential buyer and signed a purchase agreement; balance is due when PIU issues its consent to the transfer. | The Transfer Fee is not refundable. If the closing for the transfer does not occur and/or the prospective transferee has not fully completed our training program, we will not refund the Transfer Deposit. If during the 12-month period following your initial notice of the transfer, you identify another transferee, then we will apply the Transfer Deposit to the Transfer Fee for that transferee. The Transfer Fee is subject to state law. |
| Relocation Costs (1) | \$4,000 | Upon demand. | If we approve your relocation request, you must reimburse us for the actual costs we incur in connection with consideration of your relocation request. |
| Successor Term Fee (1) | Currently, we do not charge a Successor Term Fee. We reserve the right to charge as a Successor Term Fee 25% of the initial franchise fee then being charged to new franchisees in the future. | No less than 6 months prior to the end of the Term of your Franchise Agreement. | If we charge a Successor Term Fee, it is payable with the delivery of notice that you intend to enter into a Successor Franchise Agreement with us. |
| Late Payment Fee (1) | \$75 for each day that any payment is late. | Due on demand. | We will debit the Late Payment Fee from your business checking account. |
| Interest (1) | 1.5% per month or the highest commercial contract interest rate the law allows, whichever is less. | Upon demand. | We will debit interest from your business checking account on all past due amounts as of the original due date. |

Source: Item 6 — OTHER FEES (FDD pages 15–21)

When is interest due on late payments to Pump It Up?

Answer from 2025 FDD Document

What This Means (2025 FDD)

Type of Fee	Amount	Due Date	Remarks
Transfer Fee (1)	$10,000-$20,000 The fee will depend on level of initial training and support that the prospective transferee will require as part of the transfer.	$3,000 Transfer Deposit payable when we receive notice that you have identified a potential buyer and signed a purchase agreement; balance is due when PIU issues its consent to the transfer.	The Transfer Fee is not refundable. If the closing for the transfer does not occur and/or the prospective transferee has not fully completed our training program, we will not refund the Transfer Deposit. If during the 12-month period following your initial notice of the transfer, you identify another transferee, then we will apply the Transfer Deposit to the Transfer Fee for that transferee. The Transfer Fee is subject to state law.
Relocation Costs (1)	$4,000	Upon demand.	If we approve your relocation request, you must reimburse us for the actual costs we incur in connection with consideration of your relocation request.
Successor Term Fee (1)	Currently, we do not charge a Successor Term Fee. We reserve the right to charge as a Successor Term Fee 25% of the initial franchise fee then being charged to new franchisees in the future.	No less than 6 months prior to the end of the Term of your Franchise Agreement.	If we charge a Successor Term Fee, it is payable with the delivery of notice that you intend to enter into a Successor Franchise Agreement with us.
Late Payment Fee (1)	$75 for each day that any payment is late.	Due on demand.	We will debit the Late Payment Fee from your business checking account.
Interest (1)	1.5% per month or the highest commercial contract interest rate the law allows, whichever is less.	Upon demand.	We will debit interest from your business checking account on all past due amounts as of the original due date.