John Tifford
speaker
727 appearances
2 recordings
1 series
first heard May 2011
last heard Aug 2011
John Tifford’s voice in public audio — every appearance, attributed to the second.
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Appearances
So from a theoretical standpoint, it's certainly an absolutely important provision to put in.
But it's a practical standpoint.
You've got to keep in mind that the indemnity is only as good as the person who's backing it up.
And if you, A, can't find the person anymore, or, B, the person doesn't have the funds to live up to the indemnity, the indemnity is not going to be worth the paper it's printed on.
So I think you need to just not rest on the fact that, well, I've got an indemnity here, so I don't have to worry about it.
I think you need to be a little more proactive.
make sure that there's a clear understanding of the franchise broker of what their authority is and what their authority isn't, what they can do, what they can't do.
Also, to some extent, monitor them.
I think you can monitor the same sites that they use and make sure that what they're saying, at least in print, is something that you're able to see on a continuous basis and be sure that they're doing it the right way.
in terms of the scope of authority, again, just one other thing about it.
If, in fact, you wind up in some kind of a regulatory action, it would be helpful if you said, well, this person went off and did this, but here's what I've told him.
He's not permitted to do X and he's not permitted to do Y. So if he did it, he was acting outside of the scope of his authority.
I specifically prohibited him from doing that.
It's certainly the kind of stuff that will put you in a better legal position to negotiate both
with a regulator as well as in a private action in terms of the area of your responsibility for what the franchise broker did.
But, again, don't
hung
No, they can never put it back in the tube, but they can certainly fence in this damage.
First of all, they should get rid of the broker right then and there.
He's done.
Showing 681–700 of 727 · page 35 of 37
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