Leave & license Agreement
I am the Licensee & have enetered into Leave & License Agreement in October 2015 for a period of 5 years.
The main purpose of taking the property on rent was for the purpose of Franchisee Business of Titan Company Ltd and we mentioned the below clause in the Leave & License Agreement
" Whereas the Licensee is engaged in the business of Tanishq Jewellery, Designer Watches, Designer Jewelry, Eye Gear and allied products manufactured, imported and marketed and shall set up manage, and operate stores under brand names from the house of Titan Company Limited including but not limited to Titan, Sonata, Tanishq and fastrack and also in retailing business of sunglasses, eye gear and other accessories under the brand name "Titan Eye Plus."
In current scenario, my franchisee business with Titan Company Ltd is not profitable hence I want to wind up that business and venture into another retail business in the same premises.
Kindly guide me that if will be legally liable or at loss as per the above clause mentioned in my Leave & license agreement?
Will my leave and license agreement be at any risk due to the above clause?
Will I be liable for any legal action If I changeover the business in the said premises?