A franchise agreement is the legal document that you sign in order to become a franchise owner. This document sets out the guidelines of your partnership, what you can and cannot do for both parties as well as state your territory and contract length.
On average a franchise agreement will be for a 5 year term. Once the contract has expired, the newest franchise agreement is renewed and resigned by both sides.
So if it is assumed that the agreement will be renewed again, then why have it expire at all?
As a brand grows, so do their image, logo, systems, and requirements. By having each franchise owner re-sign the most up to date franchise agreement it ensures that no location looks old, out of date or is performing any activities that could potentially hurt the brand. It ensures that every franchise owner has the same rules and regulations and that everyone is running in the same direction to help the brand become as successful as possible.
Many do not but some may have renewal fees associated with them so it is always best to ask. Oxygen Yoga and Fitness Canada does not have any renewal fees associated with them and our franchise term is 5 years long.
If you have any questions about our franchise term or want to look further into potentially owning your own studio then please contact us at firstname.lastname@example.org or visit us at http://oxygentraining.ca/own-an-oxygen-yoga-and-fitness-franchise/