Agreement useful for a label looking to engage artist exclusively for a number of years, both as a performer and in relation to their songs. The exclusivity applies to both the Artist as a recording and performing musician and to the songs recorded during the term of the agreement. An additional number of songs written prior to the term may also be assigned in the agreement.
The exclusivity with respect to the Artist applies for the length of the agreement and with respect to the songs for the life of the copyright (unless otherwise agreed).
The term is subdivided into option periods which are exercised by the label one at a time according to the sales performance of the records.
The territory is specified as the ‘world and the universe’ and the income from sales is divided in equal parts after certain agreed costs, expenses, and advances are recouped by the label (net receipts).
The label promises to fund, release and promote a number of recordings, and the artist promises to record and deliver such recordings and to make themselves available for promotion activities.