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Franchise Agreement
FRANCHISE AGREEMENT
This agreement is made, as of [Date of the agreement] by and between [Name of the franchisor], a corporation duly existing under the laws in the State of [State where franchisor is incorporated], with its place of business at [Address of the franchisor] hereinafter referred to as Franchisor, and [Name of the franchisee] hereinafter referred to as Franchisee.
WITNESSETH:
A. Franchisor is the originator and creator of a [Type of franchise] known as [Franchise name]. Such includes special design of a building, specifically designed equipment and signs, equipment layout plans inventory and bookkeeping system, and a schedule of business policies and practices, and is herein referred to as the Franchise system. The Franchise is currently used and advertised throughout the United States.
B. Franchisor has developed and used, and continues to use and control the usage of, in connection with the Franchise and the business of its Franchises, proprietary interest, trademarks, service marks, and tradenames, including [Name of Trademark and Tradename], which is registered as a trademark on the Principal Register of the United States Patent Office.
C. Franchisee desires to acquire a license to adopt and use the Franchise, and the
trademarks, service marks, and tradenames, in the conduct of a business at a specified location, under the supervision of and in accordance with the service standards approved by Franchisor.
D. Franchisee understands the importance of Franchisors high and uniform standards
of quality, cleanliness, appearance, and service to the value of the franchise and the
necessity of opening and conducting franchise operations in conformity with the franchise and in accordance with Franchisors standards and specifications.
In consideration of the mutual covenants set forth below, Franchisor and Franchisee agree as follows:
1.GRANT OF FRANCHISE
1.1 Franchisor grants to franchise a license to use, during the term and on the conditions set forth in this agreement, the names, symbols, and trademark associated with Franchisors name, and the franchise system, from premises the location of which is to be determined according to the procedure specified hereinbelow.
1.2. Franchisor shall not, while this agreement is in force, conduct a similar operation, or grant a similar franchise to any other Franchisee, within [Describe a territorial limitation].
1.3 Franchisee shall use the name of Franchisor and the trademarks associated with the name of Franchisor in the [Type of franchise], and Franchisees place of business for such sales shall be known only as [Name to be used to conduct business].
1.4 The name of any corporation operating this franchise may include the words [Words that can be included in the name of the corporation] or any other trademark owned by or licensed to Franchisor, but only with the prior, express, and written consent of Franchisor. On termination of this agreement for any reason, the name of any such corporation shall be duly amended to delete such words.
2. TERM
2.1 This agreement shall continue for a period of [Number of years for the agreement] years from the effective date of this agreement, and shall be automatically renewed for [Additional number of terms the agreement can be automatically renewed] additional year terms, unless at least [Number of months needed to notify of cancellation of agreement] months before the expiration of any year term, Franchisee gives to Franchisor notice in writing of termination at the end of such term.
3. LOCATION AND CONSTRUCTION
3.1. Franchisor shall obtain for Franchisee a location for the construction and establishment of the franchise operation within the City of [City of the franchise],in the State of [State of the franchise]. Such location shall be secured by Franchisor signing as prime tenant on a lease with the landowner of such location. In the event Franchisor fails to execute such a lease within the area herein designated within one year from the effective date of this agreement, Franchisee may terminate this agreement and receive a refund of any of Franchisees payments plus [Interest to be paid if agreement is terminated] percent interest.
3.2 Franchisor agrees to construct on the chosen location, a standard franchise system building, such building to be built in accordance with the plans and specifications furnished by Franchisor. Franchisor shall also provide periodic inspections of the construction at the franchise site to determine if there has been compliance with the franchise system plans and specifications.
3.3 Franchisor shall sublet the above-described realty and improvements to Franchisee for the same rental cost and on the same terms and conditions as Franchisor is obligated on the prime lease. Franchisor specifically agrees that it shall not charge any override to Franchisee, so that the basic terms of the lease on which Franchisor is obligated shall be those terms and conditions upon which Franchisee shall be obligated.
4. PAYMENTS
4.1 Franchise Fee. Franchisee shall make payment to Franchisor of [Total amount to pay to the franchisor] Dollars payable as follows: [Amount due at execution of this agreement] Dollars on execution of this agreement, receipt of which is hereby acknowledged; [Amount due at the execution of the lease for the franchise location] Dollars on execution of any lease for the franchise location; and any remaining unpaid balances prior to attendance by Franchisee, or Franchisees designated representative, at Franchisors training course, or [Amount due before the scheduled opening of the operation] days prior to the scheduled opening of the franchise operation, whichever date is earlier. In return for this payment, Franchisee shall receive the right to do business as a licensed Franchisee under the terms of this agreement, and to receive the services and assistance set forth in this agreement. At any time prior to the time when the second payment required under the terms of this paragraph becomes due, Franchisee may, by written notice, terminate this agreement. Upon such termination, Franchisor will return the [Amount to be returned by franchisor upon termination of this agreement] Dollars payable on execution of this agreement, less a charge of [Amount to be kept by franchisor upon termination of these agreement for costs incurred] Dollars to compensate Franchisor for assistance rendered Franchisee to the date of termination.
4.2 Promotional Advertising Fee. Franchisee shall pay [Amount of the Promotional Advertising Fee] Dollars to Franchisors Franchise Owner Advertising and Sales Promotion Fund for a grand opening promotional advertising program. This fee shall be nonrefundable after the opening of the operation and shall be paid prior to attendance by Franchisee, or Franchisees designated representative, at Franchisors training course or [Number of days before opening that Promotional Advertising Fee is due] days prior to the scheduled opening of the franchise operation, whichever date is earlier.
4.3 Service Charge. For the first [Number of months to pay startup monthly period fee] months that Franchisees business is in operation, Franchisee shall, on the [Day of the month to pay startup monthly fee] day of each month], pay to Franchisor the sum equal to [Percent of gross sales that will make up the startup monthly fee] percent of the gross sales of Franchisee for the preceding month. Payments shall be sent to Franchisor at the address set forth above. Thereafter, so long as this agreement is in effect, Franchisee shall pay, in the same manner, the sum equal to [Percent of gross sales that will make up the normal monthly fee] percent of gross sales. As used in this agreement, the term gross sales shall include all sales made by Franchisee under and pursuant to this agreement, but shall not include any sums collected and paid out for any sales or excise tax imposed by any duly constituted governmental authority.
4.4 Advertising and Sales Promotion Allowance. Franchisee shall pay to Franchisor as an advertising and sales promotion allowance, the sum equal to [Percent of gross sales that will make up the Sales Promotion Allowance] percent of Franchisees monthly gross sales. The sum shall be paid on or before [Day of the month to pay Sales Promotion Allowance of the month, and shall be based on the gross sales of the preceding such date of payment. The amount of Franchisees gross sales shall be determined in the same manner as that specified in subsection C of this section, above.
4.5 Payment Defaults. If, as the result of the failure of Franchisee to remit the payments required under subsections 4.1 through 4.4 of this section, above, Franchisor places the unpaid accounts in the hands of an attorney for collection, Franchisee shall pay all collection costs, reasonable attorneys fees, and interest on the unpaid amounts at the highest permissible rate, in addition to the unpaid amounts.
5. FINANCIAL INSPECTION
5.1 Within [Grace period in days after end of fiscal year to provide financial statemenets] days after the close of Franchisees fiscal year, Franchisee will furnish to Franchisor a full and complete statement in writing of income and expenses for the franchise operation during the preceding year. The statement shall be prepared in accordance with accepted accounting standards and practices by an independent accountant or auditor and certified by the accountant or auditor to be correct.
5.2 Franchisee agrees to open its books and records to the inspection of Franchisor; however, Franchisee shall have been given reasonable advance notice, and such inspection shall not interfere with the operation of Franchisees business.
5.3 Franchisee agrees to furnish Franchisor with a weekly report of each weeks business no later than [Day of the week the weekly report is due].
6. FOOD PRODUCTS, SUPPLIES, AND EQUIPMENT
Franchisee understands and acknowledges that every detail of the franchise system is important to Franchisor, to Franchisee, and to other Franchisees to develop, maintain, and insure high and uniform standards of quality, cleanliness, appearance, services, facilities, products, and techniques, and to increase demand for the franchise products, and to protect and enhance the reputation and good will of the franchise system. Accordingly, Franchisee agrees:
6.1 To use all materials, ingredients, supplies, paper goods, uniforms, fixtures, furnishings, signs, equipment, methods of exterior and interior design and construction, and methods of production and preparation prescribed by, or that conform with, Franchisors standards and specifications.
6.2 To refrain from using or selling any products, materials, ingredients, supplies, paper goods, uniforms, fixtures, furnishings, signs, equipment, and methods of product preparation that do not meet with Franchisors standards and specifications.
6.3 To offer for sale only such products as shall be expressly approved for sale in writing by Franchisor, and to offer for sale all products that have been designated as approved by Franchisor.
6.4 To maintain at all times a sufficient supply of approved products.
6.5 To purchase all food products, supplies, equipment, and materials required for conduct of the franchise operation from suppliers who demonstrate, to the reasonable satisfaction of Franchisor, the ability to meet all of Franchisors standards and specifications for such items; who possess adequate capacity and facilities to supply Franchisees needs in the quantities, at the times, and with the reliability requisite to an efficient operation; and who have been approved, in writing, by Franchisor. Prior to purchasing any items from any supplier not previously approved by Franchisor, Franchisee shall submit to Franchisor a written request for approval of such supplier. Franchisor may require that samples from the supplier be delivered to Franchisor or to a designated independent testing laboratory for testing prior to approval and use. A charge not to exceed the actual cost of the test shall be made by Franchisor and shall be paid by Franchisee; however, the cost of the first test requested by the Franchisee in any calendar year shall be borne by Franchisor.
7. INSTRUCTION AND SUPERVISION
7.1 Franchisor agrees to make personal training facilities available to Franchisee, to furnish an operations manual, to make promotional and other recommendations, and to furnish Franchisee at Franchisees place of business, a trained supervisor for not less than [Number of days the franchisor will initially provide a supervisor] days during the initial period of Franchisees operation.
7.2 Franchisor shall disclose to and instruct Franchisee as to special preparations, packaging, and methods and systems of operation in the preparation and sale of [Goods to be sold by the franchise] Franchisee acknowledges that such information constitutes trade secrets, and Franchisee agrees not to disclose such information to anyone except Franchisees store employees, the use of such information to be restricted to operation of the franchise.
7.3 Franchisee will not divulge any business information, whether written or oral, received from Franchisor or from any meetings of Franchisors other Franchisees, nor use such information in Franchisees business, until such time as disclosure to the public may be required by the nature of the information. Such information may include, but is not limited to, promotional material or plans, expansion plans, new products, marketing information, costs or other financial data, development of cooking or packaging procedures.
8. HEALTH STANDARDS AND INSPECTION
8.1 Franchisee shall maintain the business premises and all equipment, fixtures, and facilities in such manner as required by law, and conform with Franchisors standards of health, cleanliness, and neatness.
8.2 Franchisee agrees to allow Franchisor, at any reasonable time, the privilege of complete inspection of Franchisees business premises.
9. FRANCHISORS DUTIES
9.1 Initial Services. Franchisor shall:
9.1.1 Make available to Franchisee any assistance that may be required, based on the experience and judgment of Franchisor, in the preopening, opening, and initial conduct of the franchise operation and in conforming to the requirements of the franchise system.
9.1.2 Prepare and coordinate the grand opening promotional advertising program for Franchisee
9.1.3 Provide operating procedures to assist Franchisee in developing financial records and controls, personnel policies, production methods, and approved sources of supply.
9.2 Continuing Services. Franchisor shall
9.2.1 Maintain a continuing advisory relationship with Franchisee, including consultation in the areas of marketing, merchandising, and general business operation.
9.2.2 Provide Franchisee with operating manuals containing the standards, specifications, procedures, and techniques of the franchise system, and revise, from time to time, the content of the manuals incorporating new developments regarding standards, specifications, procedures, and techniques.
9.2.3 Continue its efforts to maintain high and uniform standards of quality, cleanliness, appearance, and service at all franchise locations, thus protecting and enhancing the reputation of the franchise system and the demand for the products of the franchise system. To that end, Franchisor shall make every reasonable effort to disseminate its standards and specifications to potential suppliers of Franchisee upon written request of Franchisee.
9.2.4 Review all proposed advertising and promotional materials prepared by Franchisee for use in local advertising.
9.2.5 Administer the Franchise Owner Advertising and Sales Promotion Fund, and direct the development of all advertising and promotional programs. Franchisor will utilize [Percent of advertising budget to be spent locally] of Franchisees advertising and sales promotion contributions for advertising in the advertising area in which Franchisees business is located. The content of the advertising, as well as the media in which the advertising is to be placed and the defined advertising area, shall be at the discretion of Franchisor. The remaining [Percent of advertising budget to be spent for administrative purposes] of Franchisees advertising and sales promotion contributions will be utilized, at the discretion of Franchisor, to provide for the administrative expenses of the fund, merchandising materials, advertising production and distribution costs, and for programs designed to increase sales and enhance and further develop public reputation and image of Franchisor and the franchise system. Franchisor will provide Franchisee with a statement of receipts and disbursements of the fund, prepared by an independent certified public accountant, for each fiscal year of the fund.
10. MANAGEMENT AND PERSONNEL STANDARDS
10.1 Management Method. Franchisee shall adopt and use Franchisors management system, as well as Franchisors standards with respect to product preparation, merchandising, employee recruitment, training, equipment, and facility maintenance and sanitation. From time to time Franchisor will revise these programs to meet changing conditions of retail operation in the general best interest of the franchise system.
10.2 Training. Franchisee shall, at Franchisees expense, attend Franchisors store management training at a place to be designated by Franchisor prior to the opening of Franchisees business. If, during the term of this agreement, Franchisee conducts the business with a manager other than himself, Franchisee shall, at Franchisees expense, send such manager through the same program.
10.3 Personnel. Franchisee shall hire and supervise efficient, competent, sober, and courteous operators and employees for conduct of the business, and shall pay their wages, commissions, and other compensation with no liability for such wages, commissions, and other compensation on the part of Franchisor. Franchisee shall require all of Franchisees employees to work in clean uniforms approved by Franchisor but furnished at the cost of either Franchisee or the employees as Franchisee may determine.
10.4 Personnel Training Program. Franchisor shall provide or make available through Franchisee an in-store training program for all store employees. Franchisee shall train and periodically re-train all store employees using the training aids made available by Franchisor. From time to time training materials will be updated and added to as required by Franchisor, and such training materials and aids shall be made available by Franchisor for purchase by Franchisee.
10.5 Regional Meetings. Franchisee, or the manager of Franchisee, shall, at Franchisees expense, attend at least one national or regional meeting each year, originated by Franchisor for and on behalf of franchise operators, with the purpose of setting forth new methods and programs in store operation, training, management, sales, and sales promotion programs
11. INSURANCE
11.1 Franchisee shall, at Franchisees expense, procure before the commencement of business, and maintain in full force and effect during the entire term of this agreement, an insurance policy or policies protecting Franchisee and Franchisor, and their directors and employees, against any loss, liability, or expense whatsoever from fire, personal injury, theft, death, property damage or otherwise, arising or occurring upon or in connection with the franchise operation or by reason of Franchisees occupancy of the business premises.
11.2 The insurance required by this section shall expressly cover claims based on product liability.
11.3 Franchisor shall be named as an additional insured in such policy or policies of insurance, statutory policies excepted.
11.4 Such policy or policies of insurance shall be written by an insurance company acceptable to Franchisor and shall include general liability coverage of [Amount of liability insurance required per person] Dollars per person and [Amount of liability insurance required per incident] Dollars per incident; property damage coverage of [Amount of property damage insurance] Dollars; and such statutory insurance as may be required in the State of [State of the franchise].
11.5 The insurance afforded by the policy or policies respecting liability shall not be limited in any way by reason of any insurance that may be maintained by Franchisor.
11.6 No later than the day before the date on which the business premises are equipped, evidence showing compliance with the requirements of this section shall be furnished by Franchisee to Franchisor. Evidence of insurance shall include a statement that the policy or policies may not be canceled or altered without at least [Grace period to franchisor of cancellation of insurance] days prior notice to Franchisor
11.6 Maintenance of insurance and the performance by Franchisee of the obligations under this section shall not relieve Franchisee of liability under the default provisions set forth in this agreement.
12. TERMINATION
12.1 Bankruptcy. Franchisee shall be deemed to be in default under this agreement, and all rights granted to Franchisee shall terminate without any need for notice to Franchisee, and this agreement shall be terminated if
12.1.1 Franchisee becomes insolvent or makes an assignment for the benefit of creditors;
12.1.2 A petition in bankruptcy is filed by Franchisee, or such a petition is filed against and consented to by Franchisee and is not dismissed within [Grace period in days for bankruptcy] days;
12.1.3 Franchisee is adjudicated a bankrupt;
12.1.4 A bill in equity or other proceeding for the appointment of a receiver of Franchisee or other custodian for Franchisees business or assets is filed and is consented to by Franchisee and is not dismissed within [Grace period in days for bill of equity] days, or a receiver or other custodian of the business or assets of Franchisee is appointed;
12.1.5 Proceedings for composition with creditors under any state or federal law are instituted by or against Franchisee; or
12.1.6 The real or personal property of Franchisee shall be sold after levy on such property by any sheriff, marshal, or duly-constituted public authority.
12.2 Failure to Comply with Agreement. Except as otherwise expressly provided in this agreement, if Franchisee defaults under the terms of this agreement and such default is not cured within [Grace period in days for default of this agreement] days after receipt of written notice to cure from Franchisor, then, in addition to all other remedies at law or in equity, Franchisor may immediately terminate this agreement. Termination under such circumstances shall become effective immediately on the date of receipt by Franchisee of a written notice of termination. Franchisee shall be in default under this agreement if
12.2.1 Franchisee fails, refuses, or neglects to pay when due any moneys owing to Franchisor or to the Franchise Owners Advertising and Sales Promotion Fund.
12.2.2 Franchisee fails to submit when due reports or financial data that Franchisor requires under this agreement.
12.2.3 Franchisee fails to carry out in all respects its obligations under any lease for the business premises and the lease is terminated, or under any equipment agreement, promissory note, conditional sales contract or other contract materially affecting the franchise operation, to which Franchisee is a party or by which Franchisee is bound.
12.2.4 Franchisee fails to comply substantially with any of the requirements imposed upon Franchisee by this agreement.
12.3 Duties Upon Termination or Expiration of Agreement. On termination or expiration of this agreement
12.3.1 Franchisee shall promptly pay all sums owing or accrued under this agreement prior to termination or expiration, payments to be made to Franchisor or to the Franchise Owners Advertising and Sales Promotion Fund, as appropriate. Such sums shall include any damages, costs, and expenses, including reasonable attorneys fees, incurred by Franchisor by reason of default on the part of Franchisee.
12.3.2 Franchisee shall immediately thereafter cease to use, by advertising or in any manner whatsoever, any methods associated with the name of the franchise any or all of the proprietary marks and names, and any other trade secrets, confidential information, operating manuals, slogans, signs, symbols, or devices forming part of the franchise system or otherwise used in connection with conduct of the franchise operation.
12.3.3 Franchisee shall immediately thereafter return to Franchisor all operating manuals, plans, specifications, and other materials containing information prepared by Franchisor and relative to the franchise system.
12.3.4 All Rights to be Cumulative. No right or remedy conferred in this agreement upon or reserved to Franchisor is exclusive of any other right or remedy in this agreement, or provided or permitted by law or in equity, but each shall be cumulative of every other right or remedy given under this agreement.
13. TRANSFER OF FRANCHISE
Franchisees rights in the franchise are transferable only as follows:
13.1 Upon Franchisees death, the rights of Franchisee in the franchise may pass to Franchisees next of kin or legatees, provided such next of kin or legatees agree in a written instrument satisfactory to Franchisor to assume Franchisees obligations under this agreement.
13.2 Franchisee may sell the franchise to a natural person and be relieved of further obligations under this agreement, provided that (1] the purchaser has a satisfactory credit rating, is of good moral character, has business qualifications satisfactory to Franchisor, will comply with Franchisors training requirements, and enters into any and all direct agreements with Franchisor that Franchisor is then requiring of newly-franchised persons; (2] all money obligations of Franchisee under this agreement are fully paid, Franchisee is not in default under this agreement, and Franchisee executes a general release of all claims against Franchisor; (3] Franchisee pays Franchisor [Amount to be paid to franchisor for legal fees in case of sale of franchise] Dollars for its legal fees and other expenses in connection with the transfer; and (4] Franchisee has first offered to sell Franchisees franchise to Franchisor upon the same terms as the purchaser has offered Franchisee in writing, and Franchisor has refused the offer or failed to accept it for a period of [Grace period in days to offer franchise to franchisor] days.
13.3 The name of the franchise shall not be used in any advertisement for the sale of Franchisees franchise or equipment.
13.4 Franchisee may assign and transfer Franchisees rights under and pursuant to this agreement to a corporation without, however, being relieved of any personal liability, provided (1] the corporation is newly organized and its activities are confined exclusively to operating Franchisees franchise; (2] Franchisee is the owner of the controlling stock interest in the corporation and is the principal executive officer of such corporation; (3] all money obligations of Franchisee to Franchisor are fully paid; (4] the corporation agrees, in a written instrument satisfactory to Franchisor, to assume all Franchisees obligations under this agreement; and (5] all stockholders of the corporation guarantee, in a written instrument satisfactory to Franchisor, the full and prompt payment and performance by the corporation of all of its obligations to Franchisor.
14. FRANCHISEE AS INDEPENDENT CONTRACTOR
14.1 This agreement does not constitute Franchisee an agent, legal representative, joint venturer, partner, employee, or employee of Franchisor for any purpose.
14.2 Franchisee shall be an independent contractor and is in no way authorized to make a contract, agreement, warranty, or representation on behalf of Franchisor or to create any obligation, express or implied, on behalf of Franchisor.
14.3 The parties agree that this agreement does not create a fiduciary relationship between Franchisor and Franchisee.
15. WAIVER
No failure of Franchisor to exercise any power reserved under this agreement, or to insist upon strict compliance by Franchisee with any obligation or condition under this agreement, and no custom or practice of the parties in variance with the terms of this agreement, shall constitute a waiver of Franchisors right to demand strict compliance with the terms of this agreement. Waiver by Franchisor of any particular default by Franchisee shall not affect or impair Franchisors right in respect to any subsequent default of the same or of a different nature. No delay, waiver, forbearance, or omission of Franchisor to exercise any power or rights arising out of any breach or default by Franchisee of any of the terms, provisions, or covenants of this agreement shall affect or impair Franchisors rights; nor shall such failure constitute a waiver by Franchisor of any rights under this agreement or of the right to declare any subsequent breach or default. Subsequent acceptance by Franchisor of the payments due it hereunder shall not be deemed to be a waiver by Franchisor of any preceding breach by Franchisee of any terms, covenants, or conditions of this agreement.
16. NOTICE
All notices required or permitted by this agreement shall be in writing and shall be deemed sufficient where sent by certified mail to the receiving party at the address set forth above or at such other address as that party may have designated in writing.
17. LIABILITY FOR BREACH
17.1 In the event of any defaults on the part of Franchisee that remain uncured for a period of [Grace period in days to cure default] days from the date of a written notice to cure specifying the nature of such default, Franchisee shall pay to Franchisor all damages, costs, and expenses, including reasonable attorneys fees, incurred by Franchisor as a result of any such default.
17.2 All damages, costs, and expenses, including reasonable attorneys fees, may be included in and form a part of the judgment entered in any proceedings brought by Franchisor against Franchisee.
18. ENTIRE AGREEMENT
This agreement shall constitute the entire agreement between the parties and any prior understanding or representation of any kind preceding the date of this agreement shall not be binding upon either party except to the extent incorporated in this agreement.
19. MODIFICATION OF AGREEMENT
Any modification of this agreement or additional obligation assumed by either party in connection with this agreement shall be binding only if placed in writing and signed by each party or an authorized representative of each party.
20. SEVERABILITY
Each section, part, term, and provision of this agreement shall be considered severable. If, for any reason, any section, part, term, or provision of this agreement is determined to be invalid and contrary to, or in conflict with, any existing or future law or regulation of a court or agency having valid jurisdiction, such determination shall not impair the operation or affect the remaining portions, sections, parts, terms, or provisions of this agreement, and the latter will continue to be given full force and effect and bind the parties to this agreement. The invalid section, part, term, or provision shall be deemed not to be a part of this agreement.
21. GOVERNING LAW
It is agreed that this agreement shall be governed by, construed, and enforced in accordance with the laws of the State of [State of jurisdiction].
22. ARBITRATION OF DISPUTES
All disputes, claims, and questions regarding the rights and obligations of the parties under the terms of this agreement are subject to arbitration. Either party may make a demand for arbitration by filing such demand in writing with the other party within [Grace period in days to resolve dispute] days after the dispute first arises. Thereafter, arbitration shall be conducted by [Type of arbitration to be used to solve disputes].
In witness whereof, each party to this agreement has caused it to be executed at [Place of Execution] on the date indicated below.
Signature and Title Date
Signature and Title Date
Signature and Title Date