What document defines the capitalized references in the Closing Acknowledgment for Southern Steer?
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. |
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 Southern Steer's 2025 Franchise Disclosure Document, the Closing Acknowledgment contains capitalized references, and to the extent that these references are not defined within the Acknowledgment itself, their meanings are defined in the Franchise Agreement. This means that when reviewing the Closing Acknowledgment, franchisees must also refer to the Franchise Agreement to fully understand the terms and obligations associated with those capitalized terms.
The Closing Acknowledgment is an important document that Southern Steer franchisees must complete before or when signing the Franchise Agreement. It serves to confirm that the franchisee understands the agreement they are entering into and that no unauthorized promises or statements have been made by Southern Steer.
Prospective Southern Steer franchisees should carefully review both the Closing Acknowledgment and the Franchise Agreement, paying close attention to the definitions of capitalized terms in the Franchise Agreement. Understanding these definitions is crucial for comprehending the franchisee's rights, responsibilities, and the overall nature of the franchise relationship.