The Franchise Deposit Agreement is a critical document used in Philippine franchise arrangements when a prospective franchisee expresses serious interest in acquiring a franchise and needs to secure their intention with a deposit. This agreement is typically used during the initial stages of franchise negotiations, before the main franchise agreement is executed. It outlines the deposit amount, purpose, handling procedures, and conditions for refund or forfeiture, ensuring compliance with Philippine franchise regulations and banking laws. The document protects both parties' interests by clearly defining the status and treatment of the deposit funds during the franchise evaluation period. It's particularly important in the Philippine context where franchise businesses must comply with specific regulatory requirements under DTI oversight and banking regulations.
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1. Parties: Identifies the Franchisor and prospective Franchisee, including complete legal names and addresses
2. Background: Explains the context of the agreement, including the franchise opportunity and purpose of the deposit
3. Definitions: Defines key terms used throughout the agreement
4. Deposit Amount and Payment Terms: Specifies the deposit amount, payment method, and deadline
5. Purpose of Deposit: Clearly states what the deposit is for and how it will be applied
6. Deposit Handling: Details how the deposit will be held and managed
7. Conditions for Franchise Grant: Outlines the requirements that must be met for the franchise to be granted
8. Refund Conditions: Specifies circumstances under which the deposit will be refunded
9. Forfeiture Conditions: Details conditions under which the deposit may be forfeited
10. Representations and Warranties: States the promises and guarantees made by both parties
11. Governing Law and Jurisdiction: Confirms Philippine law governs the agreement and specifies jurisdiction for disputes
12. Execution: Signature blocks and execution requirements
1. Due Diligence Period: Includes when parties want to specify a period for the prospective franchisee to conduct due diligence
2. Interest on Deposit: Required when the deposit will earn interest while held in escrow
3. Escrow Arrangements: Used when the deposit will be held by a third-party escrow agent
4. Confidentiality Provisions: Added when specific confidentiality requirements need to be addressed during the deposit period
5. Development Timeline: Include when the deposit agreement is tied to specific franchise development milestones
6. Force Majeure: Added to address unforeseen circumstances that might affect the agreement
7. Assignment Rights: Include when either party may need to transfer their rights under the agreement
1. Schedule A - Deposit Payment Details: Detailed breakdown of deposit amount, payment schedule, and banking information
2. Schedule B - Franchise Package Summary: Overview of the franchise package being considered
3. Schedule C - Required Forms and Documentation: List of forms and documents required for franchise application
4. Schedule D - Timeline and Milestones: Key dates and milestones in the franchise application process
5. Appendix 1 - Bank Account Details: Specific account information for deposit payment
6. Appendix 2 - Compliance Checklist: Checklist of regulatory requirements and necessary permits
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