Franchise and Development Agreements Clause Samples
A Franchise and Development Agreements clause outlines the terms under which a party is granted the right to operate a business using the franchisor’s brand, systems, and intellectual property, as well as the obligations related to developing new locations. This clause typically specifies the scope of the franchise, development schedules, performance benchmarks, and territorial rights, ensuring both parties understand their respective commitments. Its core function is to clearly define the relationship and expectations between franchisor and franchisee, thereby reducing the risk of disputes and facilitating successful business expansion.
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Franchise and Development Agreements. Attached hereto as Exhibit "E" is a complete list of all Franchise and Area Development Agreements (in the United States and Worldwide) in operation or existence as of the date of this Agreement. Said list contains a complete listing of each Franchisee by store number, the name of the Franchisee, the legal name used by the Franchisee to conduct business, the beginning date of the franchise granted, any payments due and owing as of the date of this Agreement, any other fees due and owing as of the date of this agreement and/or following the date of this Agreement - with explanation (including the royalty percentage or formula used for each Franchise). None of the Franchise Agreements is in default by Selman as of the date of this ▇▇▇▇ement. For Development Agreements (DA), said list shall include the date of the DA, the ending date of the DA, the number of Franchises granted by the DA, the number of Franchises operating under the DA, the franchise fee due for future franchises opened under the DA and the royalties for said franchises opened under the DA. The sale of the Selman Stock does not cause a ▇▇▇▇▇lt or termination of the Franchise or Development Agreements listed on Exhibit "E."
Franchise and Development Agreements. The Company shall not amend, modify, terminate or waive the RTI Documents.
Franchise and Development Agreements. Seller and Almike and, where ------------------------------------ indicated, Purchaser shall have entered into the following Agreements (the "Almike Agreements"):
i. Seller's standard franchise agreement for each of the eight (8) Chesapeake Restaurants currently operated by the Principals, as well as the Washington National Airport location contemplated to be opened in July 1997 (collectively the "Existing Almike Units"), in the form of Exhibit L attached hereto and made a part --------- hereof granting to Almike the right to operate each of the Existing Almike Units as Chesapeake Restaurants for a period of ten (10) years from the Closing Date on the terms and conditions set forth therein. Such franchise agreement shall be transferred to Purchaser as part of the Purchased Assets simultaneously with the closing of the transactions contemplated herein. Such franchise agreement shall contain a provision requiring Almike to enter into, within thirty (30) days of receipt of notice from Purchaser, the standard franchise agreement to be developed by Purchaser after the Closing for the Franchisees so long as the term and the economic provisions thereof are not changed.
ii. Seller's standard development agreement granting to Almike the right to develop ten (10) additional Chesapeake Restaurants in the Washington, D.C. designated market area by December 15, 2002 in the form of Exhibit M attached hereto and made a part hereof. --------- Such development agreement shall be transferred to Purchaser as part of the Purchased Assets simultaneously with the closing of the transactions contemplated herein. Such development agreement shall contain a provision requiring Almike to enter into, within thirty (30) days of the receipt of notice from Purchaser, the standard development agreement to be prepared by Purchaser after the Closing for development of Chesapeake Restaurants so long as the term and the economic provisions thereof are not changed.
iii. An agreement acknowledging that the Principals and Almike have no rights in or to the Proprietary Rights and quitclaiming to Purchaser any rights therein that they may have acquired. Such agreement shall be transferred to Purchase as part of the Purchased Assets simultaneously with the closing of the transactions contemplated herein.
iv. An agreement between Almike, Principals and Purchaser permitting Purchaser to use, at no cost to Purchaser, up to three (3) of the Existing Almike Units designated by Purchaser in its sole dis...