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New Code Record Keeping Obligations

Posted on 26 November 2014

The new Franchising Code of Conduct requires franchisors to keep originals or copies of all written things a franchisee or a prospective franchisee is required to give (or may give) under the Code.

This will apply to things such as:

1. a notice requesting a copy of the disclosure document from a current franchisee;

2. a vote for non-audit of a marketing fund;

3. a request by a previous franchisee not to disclose contact details; and

4. request to consent to transfer of franchise.

The franchisor must keep the "written thing" for at least 6 years after it is created. 

It is very important for franchisors to review their record keeping procedures to ensure compliance with this new provision.

 

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