When is the delinquent report submission fee due to Punch King Fitness?
Punch_King_Fitness Franchise · 2024 FDDAnswer from 2024 FDD Document
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| Name of Fee | Amount | Due Date | Remarks |
|---|---|---|---|
| exceed the amount equal to $100 per month. | |||
| Late Fees | $50 | Upon demand | A late fee must be paid on any payment to us that is more than 5 days late. |
| Interest | 10% per annum | Upon demand | In addition to the Late Fee, interest is assessed on any payment to us that is more than 30 days late. The interest accrues from the date the payment was due. |
| Insurance3 | Amount of premium paid by Punch King Fitness, Inc. plus 20% | Upon demand | If you do not purchase insurance coverage as required, you must reimburse us this amount to secure insurance coverage. |
| Delinquent Report Submission | $10 per day | Upon demand | If you fail to submit a report to us by more than 5 days late from when it was due, you must pay us this amount. |
| Additional Training and Conventions4 | $500 per day plus travel expenses for additional onsite support; $500 per attendee of additional training, national conventions, and for new or replacement managers to attend the initial training | Upon your registration for the training or convention | You must pay the current training fee for training and support beyond the initial training and National Co |
Source: Item 6 — OTHER FEES (FDD pages 10–16)
What This Means (2024 FDD)
According to Punch King Fitness's 2024 Franchise Disclosure Document, the delinquent report submission fee is due upon demand. If a franchisee fails to submit a report to Punch King Fitness more than 5 days after the due date, they must pay a fee of $10 per day.
This means that franchisees need to ensure timely submission of all required reports to Punch King Fitness to avoid incurring this fee. The "upon demand" term indicates that Punch King Fitness can request immediate payment of the fee once the report is late by the specified period.
Franchisees should establish internal controls and reminders to ensure all reports are submitted on time. Being late by even a few days can trigger this daily fee, which can quickly add up if the delay persists. This highlights the importance of adhering to Punch King Fitness's reporting procedures and deadlines to maintain compliance and avoid unnecessary expenses.