Question: What is the Franchising Code of Practice?Answer:
The Franchising Code of Practice controls the legal procedures and requisites that must be followed by all franchisors prior to entering a franchise agreement. The Code requires full disclosure by the franchisor of important details regarding the franchise. Once you have signed the franchise agreement, you’ll have a 7-day cooling off period to mull over the investment decision. In this time, it would be very wise to speak with a franchise lawyer to discuss the advantages and disadvantages of entering a franchise arrangement.