Agreement under which an artist assigns recording copyrights to a label for defined period of time (7 years from the date of release).
Label will account fifty percent (50%) of net profits after recording, promotional, manufacture, distribution, legal and accounting costs are recouped. For synchronization usages the royalty will be of seventy-five percent (75%) and the artist is allowed to procure his/her own licenses provided it pays ten percent (10% gross) to label for any income generated from such licenses.
Agreement is exclusive in relation to the recordings being assigned but Artist is not engaged exclusively as a recording or performing musician and is therefore free to assign copyrights not covered in this agreement to other labels.
Label is required to release the album within 6 months in the UK and within one year after the UK release. If a release is not procured within those periods of time the artist can claim copyright back on unreleased songs in respect to the territories where the songs are not release.
This is a flexible contract for a label looking to license particular recordings but do not wish to tie up an artist as a recording/performing artist exclusively for a number of years or for a number of releases. It can be used as a trial agreement before moving on to an exclusive recording type of arrangement.