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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

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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.
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