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Can I back out of my franchise agreement and not owe anymore money than what I already put down for initial finder’s fee business? This is a homebased commercial cleaning service and I’ve only started less than a year ago.
Asked on June 15, 2009 under Business Law, Colorado
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Whether or not you will owe more money on this will depend on what the agreement says, and the rest of the facts of your situation. There may also be some important differences in the law of your state, so, to get reliable advice, you need to take your franchise paperwork to an attorney in your area. One place to find a qualified lawyer is our website, http://attorneypages.com
Most of us sign contracts like this believing that things are going to go well with the new business (or gym membership, or whatever). But it's important to read and understand the parts of the contract that will come into play in the worst-case scenario, and do that before you sign!