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Legal Forums » Franchising Law Discussion Forum » THE AUSTRALIAN MANDATORY FRANCHISING CODE OF CONDUCT
Started Dec 22 2012, 19:36
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Dec 22 2012, 19:36
While the regulations containing Australia's new mandatory Franchising Code of Conduct commenced on 1 July 1998, it was not until 1 October 1998 that the Code became fully operational. In doing so, the new Code has imposed comprehensive disclosure requirements, a requirement for the mandatory mediation of franchising disputes and minimum standards for franchise agreements.7 Such minimum standards now require franchisors to:
• allow a cooling off period
• provide a copy of a lease to franchisees where they lease premises from the franchisor
• allow franchisees to associate with each other for lawful purposes
• refrain from seeking from a franchisee a general release from liability;
• organise the preparation and audit of financial statements for a marketing fund
• to disclose a number of materially relevant facts
• to refrain from unreasonably withholding consent to a transfers of the franchised business.
ID#43405
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