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The new Franchise Code of Conduct will come into effect 1 January 2015

The comprehensive review of the Franchise Code of Conduct has resulted in a new Code which will come into effect on 1 January 2015.

Some important changes include:

·         New penalties for breaches

·         Improved regulatory system

·         Improved disclosure obligations (particularly online)

·         New good faith obligation

·         Default arrangements for restraint clauses

If you are a Franchisor or a Franchisee and you would like a commercial lawyer to review your franchise documentation, please contact us to discuss. Our commercial lawyers can provide advice and ensure your franchise documents comply with the new Franchise Code of Conduct.

Phillip Brophy – phillipb@matthewsfolbigg.com.au or 9635 7966

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Thinking about purchasing a franchise? Ask a commercial lawyer for advice

If you have ever thought about purchasing a franchise you should firstly obtain the advice of a commercial lawyer. Here are a few tips to consider:

 

  • Does this franchise suit your lifestyle? You should do some research into the time and expertise required to carry on the franchise business.
  • Have a business plan – ensure you obtain advice in order to have a well-rounded appreciation of the risks involved in operating a franchise.
  • Due diligence – is the franchise you are buying a viable business? Can you speak with current franchisees to get further insight into the day-to-day operations of the business?
  • Obtain advice from a commercial lawyer. A franchise agreement may include hidden costs and fees that you may not be aware of. A commercial lawyer can provide advice to ensure you are well informed of your legal responsibilities and liabilities.

Contact our commercial team at Matthews Folbigg Parramatta for comprehensive legal advice on your franchise agreement.
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