Former Franchisee definition
Examples of Former Franchisee in a sentence
Upon termination or expiration of the franchise agreement between Liberty and any Franchisee (a “Former Franchisee”), Area Developer will assist Liberty in enforcing the post termination obligations set forth in its franchise agreement with that Former Franchisee (“Post Termination Obligations”), but Area Developer will have no duty to initiate court or other legal proceeding.
Factors that will detract from a Former Franchisee’s entitlement to receive the $20,000 maximum amount of compensation include the amount owed by the Former Franchisee at the time of termination, whether the Former Franchisee signed a release of all claims against any of the Corporate Defendants and whether the Former Franchisee is or was an employee of the Corporate Defendants.
Option B: To be eligible for monetary compensation under Option B, the Former Franchisee must return a fully completed questionnaire substantially in the form of Exhibit E for each franchise for which a claim is made.
Franchisee terminated the franchise after 3 years with a Weekly Paid Sales Average of $3,500 and a Former Franchisee Loss of $10,000.
Option A: To be eligible for monetary compensation under Option A, the Former Franchisee must return a form that will set forth the Former Franchisee’s verifiable current address, other required information and be signed by the Former Franchisee.
All Former Franchisee Class Members who do not opt out or are not otherwise excluded from the Settlement shall receive debt forgiveness as more particularly described in Section 6.2.
It is further understood and agreed that the Corporate Defendants will notify all Credit Reporting agencies of the discharge of any debt of any Former Franchisee Class Member within 30 days of the Effective Date of this Agreement.
If Former Franchisee signed a release, apply a 60% reduction to the aggregate amount calculated from Items 1 through 4.
A Former Franchisee who selects Option B will receive a Release as described in paragraph 6.2 hereof and will be eligible to receive an amount of compensation not to exceed $20,000 for each franchise operated under a separate franchise agreement for which he elects Option B.
If you are a Class member and Former Franchisee, to make a claim for compensation under Option A of the Settlement Agreement you must complete the attached Claim Form, and send it along with any additional information required by the form by regular or express mail to the address listed on the Claim Form.