How must The Standardx make payments for Royalty Fees and other amounts due?
The_Standardx Franchise · 2025 FDDAnswer from 2025 FDD Document
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- Electronic Payments. You must make all payments for Royalty Fees, System Services Charges and other amounts due to us or any member of the Hyatt Group under the Franchise Agreement or relating to the Hotel by electronic funds transfer ("EFT") in compliance with System Standards. We periodically may change the procedure for payments. You must make funds available in your account to cover payments when due. You may not change your bank, financial institution, or account used in the operation of the Hotel without first telling us.
Source: Item 6 — Other Fees (FDD pages 20–36)
What This Means (2025 FDD)
According to The Standardx's 2025 Franchise Disclosure Document, all payments for Royalty Fees, System Services Charges, and other amounts due to The Standardx or any member of the Hyatt Group under the Franchise Agreement must be made via electronic funds transfer (EFT). This is in compliance with System Standards, and The Standardx may periodically change the procedure for these payments.
As a franchisee, you are responsible for ensuring that sufficient funds are available in your account to cover these payments when they are due. Furthermore, you are not allowed to change the bank, financial institution, or account used for the hotel's operation without first notifying The Standardx.
This requirement ensures that The Standardx receives payments promptly and efficiently. Franchisees should be aware of this electronic payment requirement and maintain adequate funds in their designated accounts to avoid any late payment penalties or disruptions to their franchise agreement.