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LiudmylaSupynska/iStock/Getty Images. In its broadest sense, a franchise agreement is a legally binding contract between a franchise organization and a franchisee. The agreement specifies the rights and obligations of each party, as well as what activities are prohibited.
Different Types of Franchise Agreements. Once the parties decide to establish a franchise, the next decision is deciding the structure and ownership of the franchise program. Based on the nature of understanding between the franchisor and franchisee, different types of franchise agreements could be entered into as follows: