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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. Development Agreement. A development agreement is entered into if the franchisor and franchise decide to develop a franchise outlet in a particular area. The development agreement gives the franchisee an exclusive right to open a store in a particular area within a particular period of time.