A surrender deed is the document which terminates or surrenders the franchise agreement.
What terms are usually in a surrender deed?
Apart from the surrender or termination of the franchise agreement, a surrender deed will generally contain terms such as:
- releases (the franchisor will release the franchisee from its obligations under the franchise agreement and the franchisee will release the franchisor from any claims the franchisee may have against the franchisor);
- confidentiality restraints to protect the confidential information of the franchisor;
- restraint of trade or non-competition clauses to protect the goodwill of the franchise business;
- intellectual property protection provisions including the protection of data bases and customer lists.
We will draft a customised surrender deed considering:
- the terms of the franchise agreement being surrendered;
- the operation of any restraint of trade or non-competition clauses;
- the protection of your intellectual property;
- the operation of any releases.