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Term: Accounting -> Franchise
Term:

Franchise

Definition:

Legal arrangement whereby the owner of a trade name, franchisor, contracts with a party that wants to use the name on a non-exclusive basis to sell goods or services, franchisee. Frequently, the franchise agreement grants strict supervisory powers to the franchisor over the franchisee which, nevertheless, is an independent business.

Related terms:

Reimbursements

An abbreviation of Free On Board
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