If you wish to enter the PCD pharma franchise business in India then, you are at the right place. This blog will help you get an idea of how you can start your franchise business. Although it is crystal clear that the PCD pharma franchise business is very profitable, you must have a good pharma franchise agreement to start a business. When you plan to invest in a PCD pharma franchise company such as Vivaceutical to start your business, an agreement is a document that protects your business interest and sets you up for future endeavors.
You must be wondering about the elements and the importance of a marketing agreement. Here, I will be discussing all the important points that will help you make a good pharma franchise agreement.
What Are Basic Elements of PCD Pharma Franchise Marketing Agreement?
A PCD pharma franchise agreement is a legal contract based on a written set of terms and conditions negotiated by both parties. As mentioned above your agreement should be in a written form and voluntarily signed by both the parties. Further, there are some of the elements you must look into in your agreement.
Name and Address
Your franchise agreement must clearly state the name of both the parties along with the proper address. Get your agreement altered if in any case spelling and characters are wrongly placed. In this way, you can save yourself from any future misunderstanding.
Monopoly Rights in Your Business Territory
Your agreement must define all the exclusive rights in your business area. Monopoly rights will give you the right to take up the business location of your choice and work according to your plan. You also get the right to use your marketing strategies to increase sales. So, ensure that your agreement clearly defines the area of business and monopoly rights associated with it.
Product Details
Your agreement must contain all the details relating to the product range, type, and quantity that you are going to sell. Make sure that your agreement specifies the minimum order quantity of the product. MOQ helps suppliers to increase sales by offering a higher volume discount rate to franchises.
Further, you can also add the resale prices set by the company. Although it is not important, you can specify them for your clarity.
Other Necessary Clauses
Your agreement should specify the dates and procedure of renewal and termination of the agreement.
Clause for unsold merchandise, whether you are allowed to keep them or not.
Elastic Stamp and stamp paper
Attestation by two witnesses.
What Is the Importance of the Pharma Franchise Agreement?
It helps the business to run smoothly as both parties know what to expect from the other party.
Both the parties are aware of all the terms and conditions and the consequences of not complying.
It provides a positive work environment that enables the growth of both parties.
You get notified when your company launches a new product.
It helps in maintaining trust between both parties.
Bottom Line
Any fraud and misrepresentation can result in a great loss. However, it is mandatory to have a written pharma franchise agreement signed by both parties.
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