The UFOC contains 23 items of information that must be current as of the completion of the franchisor's most recent fiscal year. If there is a material change to the information in the document, the franchisor must make a revision (to be issued quarterly). The disclosure document must be given to a prospective franchisee at whichever occurs earlier: the first personal meeting of franchisor and prospective franchisee or ten working days prior to the execution of a contract or money payment to the franchisor.
Standard UFOC Items:
- The Franchisor, It’s Predecessors And Affiliates
- Business Experience
- Litigation
- Bankruptcy
- Initial Franchise Fee
- Other Fees
- Initial Investment
- Restrictions On Sources Of Products And Services
- Franchisee’s Obligations
- Financing
- Franchisor’s Obligations
- Territory
- Trademarks
- Patents, Copyrights and Proprietary Information
- Obligation To Participate In The Actual Operation Of The Franchise Business
- Restrictions On What The Franchisee May Sell
- Renewal, Termination, Transfer And Dispute Resolution
- Public Figures
- Earnings Claims
- List Of Outlets
- Financial Statements
- Contracts
- Receipt
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