What is the process for Hyatt or a The Standardx franchisee to waive an obligation under the agreement?
The_Standardx Franchise · 2025 FDDAnswer from 2025 FDD Document
Hyatt and Franchisee may unilaterally waive or reduce any obligation of or restriction upon the other under this Agreement only by a signed written instrument, effective upon delivery of written notice to the other or another effective date stated in the notice of waiver. Any waiver granted will be without prejudice to any other rights Hyatt or Franchisee have, will be subject to continuing review, and may be revoked at any time and for any reason effective upon delivery of ten (10) days' prior written notice.
Source: Item 18 — OTHER INCOME (LOSS), NET (FDD pages 187–399)
What This Means (2025 FDD)
According to The Standardx's 2025 Franchise Disclosure Document, Hyatt and the franchisee can only waive or reduce obligations or restrictions under the agreement through a specific process. This requires a signed written instrument that becomes effective upon delivery of written notice to the other party. Alternatively, the waiver can become effective on another date specifically stated in the waiver notice.
Any waiver granted is not permanent. It is subject to ongoing review and can be revoked by either Hyatt or the franchisee at any time, for any reason. The revocation becomes effective after ten days of providing prior written notice. This ensures that both parties have the flexibility to adjust their positions as circumstances change, while also maintaining a formal record of any agreed-upon changes to the original agreement.
This waiver process does not prejudice any other rights that Hyatt or the franchisee may have. This means that even if a specific obligation is waived temporarily, all other terms and conditions of the franchise agreement remain in full force and effect. This protects both parties and ensures that the overall agreement remains intact, even when specific aspects are temporarily altered.