Common use of Buyback Clause in Contracts

Buyback. Between May 1 and August 31 of any year, Liberty has the right to purchase your Franchised Business for the greater of $150,000 or 200% of Gross Receipts of the Territory for the previous twelve months, or such shorter time as an office in the Territory may have been in operation. You understand that this is a premium price above fair value and does not vest any rights in you. The term “Gross Receipts” as used in this Agreement means all revenue from all services and products offered by the Franchised Business (including, but not limited to, revenue from individual, corporate, estate and partnership tax returns), excluding only customer discounts, any transmitter, software or electronic filing fee, and sales tax, but not service fees for credit card transactions.

Buyback. Between Any year between May 1 and August 31 of any year31, Liberty has we have the right right, in our sole discretion, to purchase your Franchised Business for the greater of $150,000 or 200% of Gross Receipts of the Territory for the previous twelve months, or such shorter time as an office in the Territory may have been in operation. You understand that this is a premium price above fair value and does not vest any rights in you. The term “Gross Receipts” as used in this Agreement means all revenue from all services and products offered by the Franchised Business (including, including but not limited to, to revenue from individual, corporate, estate and partnership tax returns), excluding only customer discounts, any transmitterthe Transmitter, software Software or electronic filing feeElectronic Filing Fee, and sales tax, but not service fees for credit card transactions.

Buyback. Between Any year between May 1 and August 31 of any year31, Liberty has the right right, in Liberty’s sole discretion, to purchase your Franchised Business for the greater of $150,000 or 200% of Gross Receipts of the Territory for the previous twelve months, or such shorter time as an office in the Territory may have been in operation. You understand that this is a premium price above fair value and does not vest any rights in you. The term “Gross Receipts” as used in this Agreement means all revenue from all services and products offered by the Franchised Business (including, but not limited to, revenue from individual, corporate, estate and partnership tax returns), excluding only customer discounts, any transmitterTransmitter, software Software or electronic filing feeElectronic Filing Fee (as described in paragraph 4.e. below), and sales tax, but not service fees for credit card transactions.