What Can I Expect to Find In a Franchise Agreement?
If you plan to start a franchise in New York‚ when you make your decision to buy the franchise‚ you will need to sign a franchise agreement. This is the legal document that binds you to the business franchisor.
In the franchise agreement‚ you will find things such as:
- An outline of the relationship between you and the franchisor;
- Guidelines that you will be required follow‚ including the rules of operation;
- Rules on how you will use the franchise name‚ as well as the marketing and advertising procedures that you will be required to follow;and
- Rules for property maintenance and upgrades that must be made your new franchise location.
Before receiving the franchise agreement‚ you will receive a document called the Franchise Disclosure Document (FDD). The FDD will tell you about the franchisor's business history and background‚ including any lawsuits or bankruptcies they experienced.
If you are comfortable with the information you receive in the FDD‚ you can proceed to the franchise agreement. Before you sign a franchise agreement‚ you should go over the terms and conditions with a New York franchise lawyer. A lawyer can help you avoid the missteps of starting a franchise in New York.
If you are interested in starting a franchise in New York‚ visit our article library to learn more about what is included in a franchise agreement.
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By Charles Internicola July 30, 2010
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