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A company and an individual, group of individuals, or another company enter into a contractual agreement to do certain things. This is a business arrangement where the franchiser promises to give the franchisee certain knowledge and skill in order to allow him to run a business. In return, the franchisee promises to give the franchiser a sum of money and to pay certain fees to acquire this knowledge and skill. Franchise agreements are not uniform. They have various terms and conditions and vary in price. Potential franchisees must meet certain financial requirements when being considered by the franchiser.
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