In accordance with the terms of the Code and based on the non-extension or extension of an existing franchise agreement, you may terminate your franchise agreement within 7 days of entering into your franchise agreement or within 7 days of payment under your franchise agreement (known as the cooling right). I would strongly advise franchisees not to attempt to terminate their agreement or simply cease trading without first seeking legal advice to understand their options and understand the impact of each option. As mentioned above, you could be faced with a significant financial demand or counter-claim from your franchisor if you terminate your agreement incorrectly. Franchise agreements also contain restrictions on what a franchisee can or cannot do once the contract has been terminated. These clauses could prevent a franchisee from working in a competing or similar business for a period after termination. . . .