Franchising code amendments - dispute resolution
The long awaited dispute resolution provisions under the Franchising Code of Conduct (the...
When you are selling a business, a well drafted Business Sale Agreement will:
A Business Sale Agreement will contain information about the vendor and the purchaser and information about the business, including the type of business being operated and the location of the business.
A Business Sale Agreement will also set out other terms such as:
If you are selling a franchise business your Business Sale Agreement will include conditions which are relevant to the franchise sale.
The intellectual property of the business will not be included in the list of assets sold as the franchisor will own the intellectual property rights. The right to use the business name and systems will be provided to the purchaser under the terms of the franchise agreement (which the purchaser will enter into with the franchisor).
The operation of the Business Sale Agreement will be subject to the purchaser being approved by the franchisor and entering into a franchise agreement with the franchisor.