The Franchise Transfer Agreement is essential when an existing franchisee wishes to sell or transfer their franchise rights to a new operator. This document, governed by U.S. federal and state franchise laws, outlines the terms and conditions of the transfer, including purchase price, asset transfer details, training requirements, and ongoing obligations. It ensures compliance with the original franchise agreement while protecting all parties' interests and maintaining the franchise system's integrity. The agreement typically requires franchisor approval and must adhere to both federal regulations (such as the FTC Franchise Rule) and state-specific franchise laws.
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1. Parties: Identifies current franchisee (transferor), new franchisee (transferee), and franchisor
2. Background: Context of the transfer and reference to original franchise agreement
3. Definitions: Key terms used throughout the agreement
4. Transfer Terms: Core terms of the transfer including price and payment
5. Franchisor Consent: Terms of franchisor's approval of the transfer
6. Obligations of Parties: Respective duties of transferor, transferee, and franchisor
7. Closing Conditions: Requirements to complete the transfer
1. Employee Matters: Section detailing the transfer of employees and related obligations when existing employees will transfer to new franchisee
2. Asset Schedule: Section containing detailed list of physical assets being transferred when physical assets are part of the transfer
3. Training Requirements: Section outlining specific training obligations for new franchisee when franchisor requires specific training completion
1. Schedule A - Asset Inventory: Detailed list of all physical assets included in transfer
2. Schedule B - Existing Contracts: List of contracts being assigned to transferee
3. Schedule C - Financial Statements: Current financial position of the franchise
4. Appendix 1 - Original Franchise Agreement: Copy of the existing franchise agreement being transferred
5. Appendix 2 - Franchisor's Consent Letter: Written approval from franchisor for the transfer
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