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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.
What is the difference between master franchise and development agreements? Answer Wiki. #master #franchise vs #development #Agreements : In simple words, A master franchisee is bound by a development agreement that defines a time bound franchise expansion network that they would execute. It defines the mutual agreement between the franchiser and franchisee to achieve a pre-defined goal. Related Questions.