This form is a unit franchise agreement. The sample ABC Unit Franchise Agreement is written from the perspective of the franchisor, based on the assumption that the franchisor will normally have prepared the initial draft of the franchise agreement which is included in the Offering Circular. The agreement may or may not be subject to negotiation, depending on state law and the current business practices of the franchisor.
Arkansas Franchise Agreement - Single Location, with Form of Personal Guaranty and Collateral Assignment of Lease
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Single-Unit Franchises A franchisee will invest in a single unit with no promise or expectation that they will open any future additional locations. This is the common example of a husband and wife who have left corporate America in order to be their own bosses, to own their own business.
A personal guarantee is a provision a lender puts in a business loan agreement that requires owners to be personally responsible for their company's debt in case of default. Lenders often ask for personal guarantees because they have concerns over the credit history, age or financial stability of your business.
A guaranty (also referred to as a personal guaranty) is a legal document that allows the franchisor (the ?guarantee?) to reach the assets held by the owners of a franchisee entity (the ?guarantor?) to pay for what is owed under the franchise agreement.
A few franchise agreements don't allow you to assign or transfer but most do, provided you meet certain conditions. The conditions can vary depending on the type of franchise and the franchisor but usually require: Notice of your intent to transfer.
Personal guarantee - the drawbacks It will be your responsibility to step up and make the repayments, potentially on your own, if the business goes bankrupt. If you're unable to do so comfortably, this can lead to personal bankruptcy and/or your assets being seized in order to pay off the loan.
A personal guarantee is a binding contract that makes you personally liable for performing every term of the franchise agreement, including not only operational terms, but also financial terms liability for lost future royalties and attorneys' fees and non-competition covenants.
Here are 10 fundamental provisions outlined in some form or fashion in every franchise agreement: Location/territory. ... Operations. ... Training and ongoing support. ... Duration. ... Franchise fee/investment. ... Royalties/ongoing fees. ... Trademark/patent/signage. ... Advertising/marketing.
Corporate credit cards that are issued to an individual are another example of a personal guarantee. The individual or employee is responsible for the debt that the organization takes on and the overall spending on the credit card. Here, the cardholder takes the role of a guarantor.