The franchise agreement is like any contract, meaning that you are bound by its terms. As a business owner, you would be deemed to have more sophistication than an average person, so courts would not give you the benefit of the doubt. Accordingly, you would need to consult with a business law attorney before you sign a franchise agreement. Even experienced business people should seek legal help.
The agreement could give you obligations that you have to perform. You may be required to invest a certain amount of capital or follow requirements. If you are a franchisee, there may be a strict set of brand requirements that you need to follow, and the agreement could give the franchisor a great degree of power. If you are a franchisor, you will want the latitude to act when the franchisee is not living up to their end of the deal.
The franchise agreement is crucial, and it will dictate your entire business arrangement. Once you sign the contract, you must perform in accordance with its terms. If not, you could be sued. The lawsuit may cost you your business if you are a franchisee because the franchisor may seek to revoke your right to operate. Therefore, it is crucial that you get legal advice. Although franchisors do not always like to customize and amend their agreements, you may want to consider negotiating. An attorney could spot provisions of the agreement that could cause issues for you in the future. Once you sign the agreement, it is too late to make any changes.
Contact a Miami Business Attorney Today
Lawyer Daniel Diaz works with small businesses on a variety of legal issues. Our office will learn your needs and concerns of a Franchise agreement and tailor our legal advice accordingly. To schedule an appointment, you can send us a message online or call us today at 786.256.3299.
