The Franchise Transfer Agreement is utilized when an existing franchisee wishes to exit their franchise arrangement by transferring their rights and obligations to a new franchisee. This comprehensive document, governed by Singapore law, outlines the terms and conditions of the transfer, including purchase price, assets, intellectual property rights, and ongoing obligations. It ensures proper documentation of the transfer process while maintaining compliance with franchise agreements and Singapore's regulatory requirements. The agreement typically requires the franchisor's consent and includes provisions for training, transition support, and continuity of business operations.
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1. Parties: Identification of transferor, transferee, and franchisor (if separate from transferor)
2. Background: Context of the transfer, existing franchise relationship, and reason for transfer
3. Definitions: Key terms used tHRoughout the agreement
4. Transfer Terms: Core terms of the franchise transfer including rights and obligations
5. Purchase Price: Consideration and payment terms
6. Conditions Precedent: Requirements to be met before transfer becomes effective
7. Representations and Warranties: Statements of fact and assurances from all parties
8. Completion: Process and requirements for completing the transfer
1. Employee Transfer: Terms for transfer of employees, when existing employees will transfer to new franchisee
2. Training Requirements: Specific training obligations for new franchisee, used when franchisor requires specific training completion
3. Territory Modifications: Changes to territorial rights, included when transfer involves territory changes
4. Transitional Services: Support services during transition period, used when extended handover period required
1. Asset Schedule: List of physical assets being transferred
2. Intellectual Property Schedule: Details of IP rights being transferred
3. Existing Contracts Schedule: List of contracts being assigned/novated
4. Employee Schedule: Details of transferring employees
5. Form of Novation Agreements: Template agreements for novating existing contracts
6. Completion Checklist: List of actions required for completion
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