Franchise Agreements
A franchise agreement is required as a legal document for all start-ups, which should not be signed until you have taken legal advice from an experienced franchise solicitor such as Fraser Brown which is accredited by the British Franchise Association. Once the agreement has been signed it is a legally binding contract, which has been agreed by both parties - it is not enough to rely on simply good will.
The franchise agreement should include the following features:
- Clear outline of all the terms, rights and obligations in the agreement
- The Territorial
- Training Agreements
- The Initial Fee and payment terms
- Arrangements for selling the business
- Support
- Intellectual Property
The agreement can become very complex and needs to be tailored to individual franchise requirements, as there is not a standard form of agreement. However, the franchise agreement must then remain consistent throughout the same network, aiming to retain conformity and equality.
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