Quick Tips For Franchisors – Preparing Your Disclosure Document
All franchisors know that they must prepare and maintain a current disclosure document, but here are some points that are sometimes overlooked:
* Make sure that your disclosure document includes the amendments to the Code that came into effect on 1 March 2008. We still see disclosure documents that do not comply with the March 2008 amendments.
* Regularly review and update your disclosure document. Incomplete, out-of-date or incorrect information could be used by an aggrieved franchisee to support a case for precontractual misleading or deceptive conduct. In particular, carefully check Item 13 (Payments) and ensure that it discloses sufficient detail for all franchisee establishment costs and payments. Franchisees rely on this information. There is more info here.
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