Franchise Agreement is a legal, binding contract between a franchisor and franchisee.
The Franchisor is engaged in a specific field of business and has spent substantial time, effort and money to develop a distinctive system of business operation and build up a brand name under the Franchise Agreement. Such systems usually comprise of, inter alia, mature management methods, operational procedures, techniques and marketing strategies.
The Franchisee desires to obtain the benefit of the knowledge, skill and experience of the Franchisor and the rights to operate with the insignia of the Franchisor.
In addition, since the Franchisor has already garnered a substantial reputation and goodwill in their field of business, the Franchisee can benefit from the usage of an established brand name. The specific rights and liabilities of both parties are set out in the terms of the Franchise Agreement.
A Franchisee should note that most Franchisors have high standards and uniform specifications that Franchisees must abide by. The Franchisor hereby grants the Franchisee upon the terms and conditions herein contained the right and license to use their Proprietary Marks only:
- in the Business;
- at and from the Premises;
- within the Territory;
- under the Permitted Name; and
- in accordance with the System and the Operating Manual
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