Franchising
Renewal Terms
The conditions and fees required to extend a franchise agreement beyond its initial term, often requiring remodeling and payment of renewal fees.
Related Terms
Franchise Agreement Term
The duration of the franchise license, typically 10-20 years, after which the franchisee must negotiate renewal or cease operations under the brand.
FDD
Franchise Disclosure Document - a legal document that franchisors must provide to prospective franchisees at least 14 days before signing any agreement, containing 23 items of disclosure including fees, obligations, and financial performance representations.