Franchising remains one of the most lucrative ways to open and operate a business. Franchisees often prefer this arrangement because they get the satisfaction of owning their own company. They also benefit from the protection of a well-established corporate brand.
However, the franchise agreement can be fraught with legalities about which the franchise is advised to be aware. Likewise, the franchiser is encouraged to outline the most important criteria for being a part of the brand in the contract. Both parties can protect their best interests while safeguarding the brand by retaining a franchise lawyer, business attorney, or someone like Suzanne Cummings who represents franchise parties in these types of contractual agreements.
Legalities Defined
Despite being someone with significant business savvy, you may not be the most well-versed individual when it comes to legal terms. You may have a rough idea of what some of the terminology means. However, you may not really know how the terms apply to you as one of the parties in the contract.
Your franchise lawyer can explain the terms to you clearly so you know what you are getting into before you sign the contract. You will know what you have agreed to and what is expected of you as a franchisee or franchiser.
You also will know understand the exit clauses in the contract so you can take advantage of them in case the agreement is not working to your satisfaction or profit. You avoid litigation in court and possibly having to pay penalties, fines, or restitution because of breach of contract.
Checking the Lawyer’s Credentials
Before you put an attorney on retainer, you want to know that this individual is qualified to represent you. You do not want to hire one who is freshly graduated from college. You also do not want to hire one who is not a member of any professional associations or admitted to the bar.
You can check the lawyer’s credentials when you visit the website. You can see upfront to what organizations she belongs and what credits she has obtained in her career. These qualifications can put your mind at ease that she is the best legal agent to take your case and to represent you in the contract proceedings.
Franchising can be a lucrative way to run a business. You can protect yourself by retaining a skilled franchise law attorney.