Franchise Agreements Law & Legal Definition
Franchise agreements is the determining factor in the franchise relationship, as there is no specific legislation or regulation for franchising. The franchise agreement determines the rights and obligations of the franchisor and the franchisee and the relationship between them. The agreement will contain provisions dealing with such issues as the obligations of the franchisor (the company) and franchisee (you) regarding operating the business; the training and operational support the franchisrr will provide and attendant costs; the franchisee's territory and any exclusivity; the initial duration of the franchise and any renewal rights; how much the franchisee must invest; trademarks, patents and signs; what royalties and service fees; tax issues; rights of the franchisee to sell or transfer the franchise; advertising policies; franchisee termination issues; settlement of disputes; by the company, operating practices, cancellation, and attorney fees.
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