Once you have chosen a franchise that you are interested in, you will have to take care of aspects like drafting the franchise agreement and other associated legalities. To help you in this process and close a franchise deal, it's recommended that you hire a franchise lawyer. You will find many reliable franchise lawyers in your city, so take some time out to research some of them and engage the services of a reputed attorney.
Before signing a deal, the franchisee has to analyze and read two important documents- the Franchise Disclosure Document or FDD and the franchise agreement. The franchise agreement is a legal document that explains obligations and rights of both the franchisee and the franchisor. The Franchise Disclosure Document is a composite document that can reach up to 200 pages and lists details about the franchisor and franchisee relationship. To understand the franchise contract completely, it is important that you seek the help of a franchise lawyer.
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Experts in franchise law
It is recommended that you hire a lawyer specializing in franchise law and one who has years of experience in this field. Compare a few franchise lawyers in your city and check their fees and track record. To find lawyers, you can either take help of the bar association or ask existing franchisees for recommendations.
The benefit of hiring lawyers is that they can advise and judge if the franchise agreement is fair as they specifically deal with laws associated with marketing a company's services and goods. Franchise lawyers are also experts in other legal issues like negotiation of lease and setting up of a business entity.
Negotiating contract terms
Franchise agreements generally cannot be negotiated as they are the same for all franchisees. Unalterable terms include the size of territory, royalty fees, length of agreement and termination provisions. However, some terms can be altered and are negotiable. Here are a few aspects that your lawyer can help you negotiate with the franchisor.
• Rights of refusal
• How the protected territory is defined
• The possibility to defer royalty obligations during the initial start-up phase and their limitations
These lawyers can also address various legal issues such as intellectual property, bankruptcy, secured transaction, distribution and franchising, vicarious liability, antitrust, employment law and creditor's rights.
These lawyers can not only negotiate master licensing agreements but also review agreements relating to branding programs, international franchising and strategic alliances. A lawyer can also address issues pertaining to application of franchisee statutes.
There are plenty of cases where you may require a franchise attorney. For example, during the termination of your franchising agreement, an attorney can make sure that the terms of the agreement are being duly followed. Also, in cases of statutory compliance, your attorney can not only represent and defend you, but can also act as a liaison between you and the federal regulatory agencies. This can help resolve any issues or concerns arising out of a franchisor's allegations. The contribution of these lawyers can be valuable in making sure that the franchise agreement protects your interests.
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