What is the 'Required Opening Date' in the Southern Steer Development Schedule used to define?
Southern_Steer Franchise · 2025 FDDAnswer from 2025 FDD Document
| Development Period | Southern Steer | "Required Opening Date" by Which Southern Steer Business Must be Opened and Continuously Operating in Development | Cumulative Number of Southern Steer Businesses Required to be Open and Continuously Operating in Territory as of Last Day of the |
|---|---|---|---|
| Business Number | Territory | Development Period | |
| ("First Development | |||
| Period") | |||
| ("First Development | |||
| Period") | |||
| [add additional | |||
| development periods, | |||
| if applicable] | |||
| [add additional | |||
| development periods, | |||
| if applicable] |
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 'Required Opening Date' in the Development Schedule specifies the date by which each Southern Steer Business must be opened and continuously operating within the Development Territory. This date is crucial for multi-unit developers as it dictates the timeline for fulfilling their development obligations. The Development Schedule is included as Attachment A to the Multi-Unit Development Agreement.
The Development Schedule outlines the number of Southern Steer businesses a multi-unit developer must open within each 12-month Development Period, starting from the agreement's effective date. Meeting these deadlines is essential, as time is of the essence in complying with the Development Schedule. The cumulative number of Southern Steer businesses required to be open and continuously operating in the territory is measured against this date.
Prospective multi-unit developers should carefully review the Development Schedule (Attachment A) to understand the specific opening date requirements for each Southern Steer location. Failure to meet these deadlines could result in termination of the Development Agreement, although existing Franchise Agreements for already-opened locations would remain in effect. However, the rights to open any additional Southern Steer Businesses in the Development Territory would revert back to Southern Steer.