What does it mean by Franchise Law

For those who choose to undertake franchising, it is important to abide by the franchise law. In many countries there are laws explicitly designed to regulate the area of franchising, and in numerous other countries there are laws that directly or indirectly impact that area. There are also franchise associations used by franchise companies to render assistance when disputes arise.

What Does It Mean By Franchise Law

The goal of franchise law and of franchise associations is to help the franchising industry to expand and be successful, by ensuring the maintenance of a high standard among companies. Furthermore, as mentioned above, that type of law is also designed to assist in disputes which can arise between different franchisees and their franchisors; the law related to the franchising area also serves to provide accreditation to new companies that meet the need standards in order to be eligible to become franchise companies. In countries where there is no specific law pertaining to franchising matters, franchise companies which belong to the respective associations turn to these associations for advice when the need for that arises, and work with the aid of such associations in order to arrive at the best possible results using the mediation of associations. To sum up, franchise associations serve as informal mediators and assistants for the settlement of disputes. In addition to helping companies that have disputes by means of mediation, franchise associations can also help for the settlement of such disputes by means of arbitration. Using franchise associations to settle disputes is also a way of coping without having to pay legal fees if companies turn to lawyers who will help to resolve matters in accordance with the best practices of franchise law.

What Does It Mean By Franchise Law

It should be pointed out that in the resolution of matters by means of mediation, the process of settlement of disputes is easier to accomplish and the less costly one compared to arbitration. In the course of mediation, when companies use the assistance of franchise associations, the parties duly record the offers they make as well as their statements, to be certain to collect clear and undeniable records of the communications that have taken place between them. Thus if an agreement is reached between the parties, it can be composed as a fully fledged legal document which will be absolutely binding under universal franchise law.

What Does It Mean By Franchise Law

Mediation is also preferable because in the course of it the parties can have the freedom to determine their own pace of conducting communications, and finally the mediator will suggest a solution acceptable for both parties so that they can reach a mutual agreement.

What Does It Mean By Franchise Law

In the arbitration procedure in franchise law, the length of the proceedings is longer, and there are more resources invested by the arbitrator. When two parties decide on an arbitration procedure, they have to sign an agreement whereby they agree that they shall abide by the resolution and terms of the arbitrator. When the arbitration procedure finishes, the legal document signed by the parties ensures that they will abide by the resolution of the arbitrator.

What Does It Mean By Franchise Law

The article is contributed by Sylvia Taylor. I am currently associated with Cubism Law based in Chancery Lane,in the heart of London’s legal district. Cubism Law is a full service city law firm comprising over 30 lawyers specialising in corporate and commercial legal services and franchise lawyer.

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