A Franchise Agreement is a legally binding contract between a franchisor (the owner of a trademarked business concept) and a franchisee (the individual granted the right to operate a business using the franchisor’s trademark and proprietary systems). The agreement outlines the terms and conditions under which the franchisee may operate the franchise business, including the franchisor’s proprietary products, services, and trademarks, as well as the franchisee’s obligations to the franchisor, such as the payment of royalties, adherence to the franchisor’s operating standards, and participation in training and marketing programs.