A Franchise Agreement is a legal document through which a business lends its franchise to another in the form of its activities and Intellectual Property and allows the latter to conduct its business in its name. The franchise agreement binds the franchisor i.e. the owner of the business and the franchisee i.e. the entity to whom the business is franchised.
A franchise agreement states the terms and conditions relating to the use of the franchisor’s IPR, use of the brand name, fees, penalties, royalty, standards of operation and the quality of product to be maintained. It also states the term for which the franchise is given, termination and dispute resolution.
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