Royalty Split Agreement
THIS AGREEMENT, made between [NAME], representing Gralbum Collective, LLC, headquartered at [FULL ADDRESS] (hereinafter "PUBLISHER"), and [NAME], residing at [FULL ADDRESS]representing [ARTIST OR BAND NAME] (hereinafter "ARTIST"), with respect to the production of audio-visual work entitled[TITLE](hereinafter the "WORK"), to be produced by PUBLISHER encompassing the music of ARTIST entitled [TITLE] (hereinafter "MUSIC").
In consideration of the mutual promises contained herein, and for other good and valuable consideration, receipt of which is hereby acknowledged, the parties agree as follows:
1. The copyright in the MUSIC shall remain with the ARTIST. MUSIC will be licensed to the PUBLISHER solely for use in the WORK. ARTIST guarantees that he/she owns and controls the rights represented herein with respect to the recordings and the musical compositions in the MUSIC and has and will hold throughout the TERRITORY and during the DURATION the above listed rights to exploit the Work as contemplated herein. ARTIST shall indemnify and hold the PUBLISHER harmless from any and all claims, liabilities and costs, losses, damages or expenses (including attorney's fees) arising out of any breach, allegation, claim or failure of any covenants or warranties made by the ARTIST herein.
2. Royalties from the publication and sale of the WORK shall be divided as follows: ARTIST: 50%; PUBLISHER: 50%; unless specified otherwise in advance by mutual agreement between the parties.
3. No agreement for the publication of the WORK or for the disposition of any of the subsidiary rights therein shall be valid without the signature of both PUBLISHER and ARTIST. However, either party may grant a written power of attorney to the other setting forth the specific conditions under which the power may be exercised.
4. All agreements for publication and disposition of any subsidiary rights in the WORK shall provide that each party's share shall be paid directly to him. If the parties by mutual agreement select an agent to handle the disposition of subsidiary rights in the WORK, and if the agent is authorized to make collection for the parties' account, such agent shall remit each party's one-half share direct to him. Such agent's commission will be split according to the same percentages as specified in paragraph 3 above. If the parties by mutual agreement select an attorney to handle the disposition of subsidiary rights in the WORK, such attorney's fees will be split according to the same percentages as specified in paragraph 3 above.
5. Each party agrees not to violate copyright or any other law in the creation of the WORK. If it shall be found or claimed that the Work violates an existing copyright, throughout the world, the party which created that portion of the Work shall indemnify and hold harmless the other party.
6. This agreement shall continue in perpetuity. This agreement shall inure to the benefit of, and shall be binding upon, the heirs, executors, administrators, successors and assigns of the parties. This agreement shall be construed and enforced in accordance with the laws of the State of New York. This the full agreement between the parties regarding the Work, any amendments must be signed by each party.
7. All disputes arising out of this agreement shall be submitted to the American Arbitration Association and should be decided under New York Law.The arbitrator's award shall be final, and judgment may be entered upon it by any court having jurisdiction thereof.
The territory of this contract is the entire universe.
The term of the contract is effective beginning [BEGINNING DATE] and ending [ENDING DATE], at which time all rights revert to the ARTIST.
IN WITNESS WHEREOF, the parties hereto have signed this agreement as of the day and year first hereinabove written.