Royalty Contract
ROYALTY CONTRACT
Agreement
This agreement ("Agreement") made effective as of the [Date], (the "Effective Date") is by and between [Music Label], represented by its authorized signatory, with its principal place of business located at [Address of Music Label] (hereafter known as "Record Company"), and [Artist], an individual with an address located at [Address of Artist] (hereafter referred to as "Artist").
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I. Purpose
The Music Label agrees to promote, distribute, and exploit the musical compositions and recordings of the Artist in exchange for royalty payments as outlined in this Contract.
II. Grant of Rights
II.1 Exclusive Rights
The Artist hereby grants the Music Label the exclusive right to:
II.1.a Manufacture, distribute, sell, and license the Artist's musical compositions and recordings worldwide.
II.1.b Use the Artist's name, likeness, and biographical information for promotional purposes related to the exploitation of the musical compositions and recordings.
III. Royalty Payments
III.1 Royalty Rate
The Music Label agrees to pay the Artist royalties based on the following terms:
III.1.a [Specify percentage or amount] of net revenue generated from the sale or licensing of the Artist's musical compositions and recordings.
III.2 Payment Schedule
Royalty payments shall be made [monthly/quarterly/annually] and shall be accompanied by a detailed statement outlining the calculation of royalties.
III.3 Deductions
The Music Label shall have the right to deduct reasonable expenses incurred in connection with the promotion, distribution, and exploitation of the Artist's musical compositions and recordings from the gross revenue before calculating royalties. Such deductions shall be itemized and subject to mutual agreement.
IV. Accounting and Audit
IV.1 Record Keeping
The Music Label shall keep accurate records of all revenue generated from the exploitation of the Artist's musical compositions and recordings.
IV.2 Audit Rights
The Artist shall have the right to:
IV.2.a Inspect the Music Label's books and records related to the calculation of royalties upon reasonable notice and during normal business hours.
IV.2.b Request an independent audit at the Music Label's expense if the Artist reasonably believes that the Music Label's accounting is inaccurate. The audit shall be conducted by a certified public accountant agreed upon by both parties.
V. Term and Termination
V.1 Term
This Contract shall commence on [Effective Date] and shall continue in effect until terminated as provided herein.
V.2 Termination
Either party may terminate this Contract upon written notice to the other party in the event of a material breach of the terms herein, subject to a cure period of [number] days. Additionally, this Contract may be terminated upon mutual agreement of both parties.
VI. Governing Law and Jurisdiction
VI.1 Applicable Law
This Contract shall be governed by and construed by the laws of [Jurisdiction].
VI.2 Dispute Resolution
Any disputes arising under or in connection with this Contract shall be subject to the exclusive jurisdiction of the courts of [Jurisdiction].
VII. Entire Agreement
VII.1 Entirety of Agreement
This Contract constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral, relating to such subject matter.
SIGNATURES
IN WITNESS WHEREOF, the parties hereto have executed this Contract as of the date first above written.
[ARTIST'S NAME]
[DATE SIGNED]
[YOUR NAME]
[TITLE OF AUTHORIZED REPRESENTATIVE]
[DATE SIGNED]
