When must the Closing Acknowledgment be completed for a Southern Steer franchise?
Southern_Steer Franchise · 2025 FDDAnswer from 2025 FDD Document
| This "Closing Acknowledgment", attached as Attachment J | to the Southern Steer Franchising International, | |
|---|---|---|
| LLC | Franchise Agreement ("Agreement"), dated | between Southern Steer |
| Franchising International, LLC | ||
| ("Franchisee"), must be completed before or at the same time Franchisee signs the Agreement. To the | ("Franchisor") and | |
| extent not defined herein, all capitalized references in this Closing Acknowledgment will have the meanings | ||
| as defined in the Agreement. | ||
| Maryland. | Do not sign this Questionnaire if you are a resident of Maryland or the business is to be operated in | |
| A. Relevant Dates. | ||
| : The date I received the Franchise Disclosure Document about | ||
| the Southern Steer Business franchise. | ||
| : The date I received a fully completed copy (other than | ||
| signatures) of the Agreement I later signed. | ||
| : The earliest date on which I signed the Agreement or any other | ||
| binding document (not including the receipt). | ||
| : The earliest date on which I delivered cash, check, or | ||
| consideration to a Franchisor | ||
| representative or any other salesperson | ||
| B. | Acknowledgement and Representations. Please answer and initial after each representation. | |
| As Franchisee know, Franchisee and Franchisor operation of a Southern Steer Business. This purpose of this closing acknowledgment is to determine whether any statements or promises were made to Franchisee be untrue, inaccurate or misleading, and to be certain that Franchisee that may be made by Franchisee by reason of the offer and sale of the Southern Steer and operation of Franchisee's Southern Steer Business. Please review each of the following questions carefully and provide honest responses to each question. | are entering into a Franchise Agreement for the that Franchisor has not authorized or that may understands the limitations on claims Business franchise | |
| 1. | Did Franchisee receive a copy of Franchisor's Franchise Disclosure Document (and all exhibits | |
| and attachments) at least (a) 14 days before the execution of the franchise or other agreement or payment | ||
| of any consideration; or (b) if Franchisee are a resident of Iowa at the earlier of first personal meeting or 14 | ||
| days before the execution of the franchise or other agreement or payment of any consideration or (c) if | ||
| Franchisee are a resident of New York or Rhode Island at the earlier of first personal meeting or 10 business | ||
| days before the execution of the franchise or other agreement or payment of any consideration; or (d) if | ||
| Franchisee are a resident of Michigan, Oregon or Washington 10 business days before the execution of any | ||
| binding agreement or payment of | ||
| any consideration. | ||
| Yes | No | Initial |
| 2. | Is the name, address and phone number of any broker and each of Franchisor's employees or |
Source: Item 5 — and 7 of the FDD, Section 3.1 of the Franchise Agreement and Section 4.1 of the Multi-Unit Development Agreement are hereby amended to state that payment of the initial franchise fee and development fee will be deferred until We have satisfied Our pre-opening obligations, and You have commenced business operations. (FDD pages 168–290)
What This Means (2025 FDD)
According to the 2025 Southern Steer Franchise Disclosure Document, the Closing Acknowledgment, which is included as Attachment J to the Franchise Agreement, must be completed either before or at the same time the franchisee signs the Franchise Agreement. This acknowledgment is a critical step in the franchising process. However, if a prospective franchisee is a resident of Maryland or the business is to be operated in Maryland, they should not sign this questionnaire.
The purpose of the Closing Acknowledgment is to confirm that the franchisee understands the terms of the agreement and any limitations on claims they can make regarding the Southern Steer business. It also serves to verify that no unauthorized statements or promises were made to the franchisee by the franchisor or its representatives. The document includes a series of questions that the franchisee must answer and initial, representing their understanding and agreement with the statements.
Specifically, the Closing Acknowledgment aims to ensure that the franchisee received the Franchise Disclosure Document (FDD) within the legally required timeframe, which varies by state. For instance, the franchisee must confirm they received the FDD at least 14 days before signing the agreement or paying any consideration, with exceptions for residents of Iowa, New York, Rhode Island, Michigan, Oregon, and Washington, who have different minimum timeframes. This acknowledgment helps protect both the franchisor and franchisee by ensuring transparency and informed consent in the franchise agreement process.