Franchise

1. (noun) The licensed right, or set of rights, provided by a grantor (a Franchisor) to a grantee (a Franchisee) through a written contract, agreement, or license, entitling the bearer to represent the grantor in a specifically controlled manner, such as carrying a specific brand or operating within a specific geographic region.

2. (verb) To grant another party the licensed right to operate a business under one's brand, systems, and support, typically in exchange for fees or royalties.