HSBC to offer new franchise contract checking service
Bank secures services of specialist lawyer to help provide peace of mind
The HSBC Bank have offered prospective franchisees peace of mind by unveiling a specialist lawyer who will check franchise contracts for potential pitfalls.
The bank has secured the services of specialist franchise lawyer Nina Moran-Watson, who will look over contracts offered to franchisees to ensure that they understand any obligations or penalties they may be liable for.
While HSBC admit that it is unlikely that a franchisor will amend the terms of a contract, it claims that it’s worthwhile for franchisees to have the agreement vetted to make sure they are operating on the same terms as each other.
Cathryn Hayes, national franchise manager at HSBC, said that taking up a franchise is a very important decision.
“Prospective franchisees should carefully investigate the opportunities franchising offers, including researching the market place, speaking to existing franchisees and consulting professionals such as their accountant and a specialist franchise lawyer.
“HSBC has had a specialist franchise unit for nearly 20 years. We understand the potential that franchising offers and are committed to supporting both the franchisor and the franchisee.
“As a result we want to make certain prospective have access to proper professional advice before purchasing a franchise,” she said.
Moran-Watson will pour over franchise contracts for a reduced fee agreed with HSBC. For £350 (including VAT), franchisees can find out where they stand with their prospective franchisors.
For further details on the Fixed Fee Vetting Scheme, contact HSBC on 08000 321 322.