Read and verify this document and have it verified by legal advisors with franchise experience. You want to be informed before signing a franchise agreement. Like a marriage, you want this relationship to be long. The franchise agreement will go into detail to learn more about the franchise relationship. It will contain detailed information on proprietary statements and outline things like website maintenance and upgrade requirements. The franchise agreement is essentially a legal document between the franchisor and you (the franchisee). This is a legally binding agreement. It explains in detail what the franchisor expects of you as a franchisee, in the way you operate every facet of the business. There is no standard form of the franchise agreement, as the terms and methods of the business vary considerably from different franchises, depending on the type of business. Each franchisee must sign the franchise agreement and the franchisor will also sign the document. A word of caution, a franchise agreement is a binding legal document and you can have a franchise lawyer checked on your behalf before signing. Now, more info on what you`ll find in the pages of the franchise agreement.
Here are 10 basic provisions that are outlined in one way or another in any franchise agreement: you have just completed the discovery day and you like what you experienced in this last episode of the franchise procedure. You have decided that this is the franchise for you. They sit down at the end of the day with the franchisor and put the franchise contract on the table. There are things you need to know.