The franchise agreement
Tuesday 26th June 2018
As you progress down your road of franchise discovery, you will doubtless encounter the franchise agreement at some point. But what is it? And why is it so important?
To put it simply a franchise agreement is a legal contract. It is designed to establish what will be the commercial arrangement between a franchisee and the franchisor. It should outline in clear terms what rights you have as a franchisee. As well as what level of support and help you should expect from the franchisor. There should also be clauses that will protect the intellectual property of the franchisor. They are usually very lengthy and written in legal jargon which for the average person might be tricky to fully understand.
As with any legal document, it's advisable to have a franchise knowledgeable lawyer look over the contract. They will be able to advise you in plain english on the implications of signing it. This is very important so that you know what you are signing up to.
The franchise agreement is an important document and you should know what will be expected of you once you sign it. Don't worry if you can't fully understand it, a lawyer with franchise knowledge will be able to decipher it for you.
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