Some Franchisors from time to time may want to offer vendor finance to help a franchise prospect join Jim's.
Ultimately, the arrangement is between the Franchisor and the prospective Franchisee so it is up to both parties to decide the terms of the arrangement.
There is no clause in the franchise agreement for this. However, if there is an arrangement you can have it inserted into the agreement or a separate document between both the parties.
If you want it in the contract. All you have to do, is when you submit the online instruction sheet. List the terms of the payment plan into the special conditions.
It will appear in the below format in the contract.
{$fse prepayment_amount} (including GST) payable upon execution of this Agreement; plus
(ii) ...... instalments of $...... (including GST) payable on the 10th of each month.
If the Purchaser defaults in any payments and these payments remain in default fourteen (14) days after the notice of breach has been forwarded to the Purchaser then this Agreement will be terminated and the Purchaser shall forfeit their right to any money paid up to the date of the breach.
Or you can use an separate agreement to manage the agreement.
Feel free to use a template that was used in the past - Vendor Finance Agreement- clean.docx
Please note that we can't prepare these agreements for you. It is up to you as you are the one offering the terms.