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What is an FDD?
Required by law, the Franchise Disclosure Document, or FDD (known until recently
as the UFOC, or Uniform Franchise Offering Circular) informs qualified prospective
franchisees of their rights and obligations before they sign your franchise agreement
(see below) and buy a franchise from you. The law requires you to provide qualified
prospective franchisees with a FDD at least 10 days before they sign a franchise
agreement.
What is a Franchise Agreement?
When you and your franchisees “sign on the dotted line,” this is the legally binding
contract you’ll put your pen to. It describes all your rights and obligations, as
well as those of your franchisee. The franchise agreement sets the terms for every
aspect of your relationship with your franchise buyers, including costs, royalties
and fees, taxes, patents and copyrights, territory boundaries, operational stipulations,
and much more—all of it varying according to your business and the way you want
to run your franchise.