Document background
The Assignment Of Franchise Agreement is a crucial document used when an existing franchisee wishes to transfer their franchise rights and obligations to a new operator in Nigeria. This document becomes necessary during business sales, succession planning, or strategic restructuring of franchise operations. It must comply with Nigerian commercial law, including the Companies and Allied Matters Act 2020, Federal Competition and Consumer Protection Act 2018, and relevant intellectual property legislation. The agreement typically includes detailed provisions for the transfer of business assets, assumption of liabilities, operational rights, and continuing obligations. It requires the franchisor's explicit consent and often involves careful consideration of existing contractual relationships, employee matters, and regulatory compliance requirements. The document serves as a bridge between the original franchise agreement and the new franchise relationship, ensuring continuity of business operations while protecting all parties' interests.
