What is the purpose of Exhibit I, the Receipts, for Zoomin Groomin?
Zoomin_Groomin Franchise · 2025 FDDAnswer from 2025 FDD Document
Exhibit I-Receipt
This Franchise Disclosure Document summarizes certain provisions of the Franchise Agreement and other information in plain language. Read this disclosure document and all agreements carefully.
If Zoomin Groomin USA LLC d/b/a Zoomin Groomin offers you a franchise, it must provide this Franchise Disclosure Document to you fourteen (14) calendar days before you sign a binding agreement with, or make a payment to, the franchisor or an affiliate in connection with the proposed franchise sale.
Iowa requires that we give you this disclosure document at the earlier of the first personal meeting or 14 calendar days before you sign a binding agreement with, or make a payment to, the franchisor or an affiliate in connection with the proposed franchise sale.
Michigan requires that we give you this disclosure document at least 10 business days before the execution of any binding franchise or other agreement or the payment of any consideration, whichever occurs first.
New York requires that we give you this Disclosure Document at the earlier of the first personal meeting or ten (10) business days before the execution of the franchise or other agreement or the payment of any consideration that relates to the franchise relationship.
If Zoomin Groomin USA LLC does not deliver this Franchise Disclosure Document on time or if it contains a false or misleading statement, or a material omission, a violation of federal law and state law may have occurred and should be reported to the Federal Trade Commission, Washington, DC 20580 and the appropriate state agency listed on Exhibit C.
The franchisor, Zoomin Groomin USA LLC, is located at 780 Lynnhaven Parkway, Suite 240, Virginia Beach, VA 23452.
Issuance date: April 30, 2025, as amended June 3, 2025.
Source: Item 9 — 01. Financial Statements and Exhibits. (FDD pages 68–156)
What This Means (2025 FDD)
According to Zoomin Groomin's 2025 Franchise Disclosure Document, Exhibit I, titled "Receipt," serves to acknowledge that the FDD summarizes key aspects of the Franchise Agreement and provides other relevant information in plain language. It emphasizes the importance of carefully reviewing the entire FDD and all associated agreements before making any commitments. This is a standard practice in franchising, ensuring prospective franchisees are well-informed. The exhibit also outlines specific timeframes for providing the FDD to potential franchisees, varying by state.
Specifically, Zoomin Groomin must provide the FDD to a prospective franchisee at least 14 calendar days before they sign a binding agreement or make any payment related to the franchise. However, certain states like Iowa, Michigan, and New York have their own regulations. Iowa requires the FDD to be provided at the earlier of the first personal meeting or 14 calendar days before signing or payment. Michigan mandates a minimum of 10 business days before execution of any binding agreement or payment. New York requires delivery of the FDD at the earlier of the first personal meeting or 10 business days before signing or payment.
The FDD also states that failure to deliver the document on time, or if it contains false, misleading, or omits material information, it may constitute a violation of federal and state laws. In such cases, the franchisee is advised to report the issue to the Federal Trade Commission (FTC) and the appropriate state agency listed in Exhibit C. This provision protects potential franchisees by ensuring they receive accurate and timely information to make informed decisions. The franchisor, Zoomin Groomin USA LLC, is located in Virginia Beach, VA, as of the issuance date of April 30, 2025, amended on June 3, 2025.
In summary, Exhibit I acts as a formal acknowledgement of receipt and underscores the legal obligations of Zoomin Groomin to provide a complete and accurate FDD within the mandated timeframes. It also informs the prospective franchisee of their rights and recourse options if the franchisor fails to comply with these obligations. This is a critical component of the franchise sales process, designed to promote transparency and protect the interests of both parties.