When an individual decides that they would like to pursue their options as a franchisee, it is important to consider the many rules and regulations that the Federal Trade Commission has put in place for these types of businesses. Before someone decides to sign a Franchise Agreement, they should have it looked over by an experienced business attorney who can determine whether the contract suits the needs of their client. Of course, the franchisor is going to have certain provisions that exist solely to protect the intellectual property and try to make sure all franchisees are running the business in a consistent manner.
Some of the important parts of any franchising agreement include the following:
- An overview of the responsibilities of both the franchisor and franchisee
- Specifics regarding the ownership of the franchisor’s intellectual property
- How the franchisee is permitted to use the intellectual property
- The territory in which the franchisee is permitted to work
- The fees that the franchisee is required to pay to the parent company
- The advertising requirements that the franchisee must follow
- The length of the franchising agreement and what will happen to the location after that time
It is very important for any franchisee, especially a first-timer, to discuss the legalities of the agreement with an experienced business attorney. Contact our firm today for legal assistance.
If you require the services of an experienced business law, foreclosure defense, or bankruptcy attorney, contact the Law Offices of Allen A. Kolber, Esq. today to schedule a consultation and discuss your options.
