CONTRACTS
Music Industry Law
ARTIST – RECORD LABEL Agreement
Between
The ARTIST: Indigo Velvet
&
The RECORD LABEL: Vadana Records
Date: 19/11/2014
1 - Term
-
The term of this agreement shall be an initial period of twelve months.
2 – Options
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By signing this agreement, the ARTIST grants the RECORD LABEL five options, extending the contract for each option for an additional twelve-month term.
3 – Delivery requirement
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The ARTIST is required, within each twelve-month term, to deliver a minimum of twenty tracks, to a commercially and technically satisfactory standard.
4 – Creative control
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The RECORD LABEL and ARTIST shall be jointly responsible for all decisions regarding the artistic content of the recordings.
5 – Territory
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This agreement covers, on an exclusive basis, the following territory: Worldwide.
6 – Rights
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The ARTIST agrees to assign all rights relating to all the sound recordings, merchandising and artwork to the RECORD LABEL.
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The ARTIST agrees to assign the rights to use the ARTIST's name in connection with the sale and promotion of the records, to the RECORD LABEL.
7 – Advance
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The RECORD LABEL shall not give the ARTIST an advance but agrees to cover recording costs for the minimum recording commitment stated in the “Artist commitment” clause above.
8 – Royalties
The ARTIST shall be paid 50% of the net profits received by the RECORD LABEL regarding and including the sales of records, live concert tickets and merchandising.
9 – Accounting
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The ARTIST shall get paid by the RECORD LABEL twice a year and shall have the option to audit the accounts once a year with sufficient prior notice.
10 – Termination
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The RECORD LABEL shall be entitled to terminate this agreement at any time upon the ARTIST's breach of any of the ARTIST's requirements and/or above clauses.
11 - Miscellaneous
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The law of the country in which it was signed shall govern this contract.
Completed and signed at ……, on …… in …. original copies.
The ARTIST The RECORD LABEL