ASSIGNMENT OF RIGHTS AGREEMENT
This Assignment of Rights Agreement (hereinafter the “Agreement”) is entered on
this ______ day of _______ 20__ by and between NORWACH LLC of 4763
Riverwalk Drive Saint Cloud, Florida 344771 (hereinafter referred to as the
“Company A”) and KABIRKILL LLC (GREEKS UNITED DBA) of 3911 Pine Gate
Trail Orlando, FL 32824 (hereinafter referred to as the "Company B"). Together
referred to as "parties."
1. Term.
Parties agree that the terms herein shall be binding upon the parties for an indefinite
period until the parties decide to terminate.
2. Purpose.
Company A owns art that it would like to relinquish its rights to Company B for the
duration of this agreement mentioned above.
Parties agree that all the relinquished rights shall come back to Company A once this
Agreement is determined.
3. Rights.
The relinquished rights are; –
i. All the rights to print and resell Company A’s designs on Apparel including t-
shirts, hoodies, sweaters, and any other piece of apparel.
ii. All the rights to print and resell Company A’s designs on mugs, key chains,
stickers, or physical prints.
iii. The right to promote the designs and claim them of their own during the
duration of this agreement.
iv. The artist that creates the design has the right to promote the art and use
them on their portfolio but not to sell it during the duration of company A and
B’s agreement.
4. Payment Details.
The Parties herein agree and acknowledge that Company B will pay Company A
30% of all net profits per unit sold that includes Company A’s art.
And all payments of this commission shall be paid monthly on the ________ day of
each month.
Parties agree that in case there is a delay in the payment, Company A will add a 30
days limit.
5. Reports.
Each payment should be accompanied by a copy of a sales report that proves and
shows the items sold by convention, online sales, and any other venues in which
Company A’s art was sold. Physical and online sales must be paid monthly
regardless of the number of sales.
6. Bonus.
Parties further agree that Company A is subject to receive a potential bonus based
on performance and sales which Company B has the right to decide the amount,
what kind of bonus, and when the bonus will be received.
7. Acceptance.
Company B has all right to reject any designs and all of them are subject to their
approval.
The approved designs have up to 2 revisions. Additional revisions can be made if
deemed needed and should be at the discretion of the artist.
Company B can be subject to extra payments for special design requests.
8. Confidentiality.
Both parties acknowledge that during the performance of the services herein, parties
may come across information that is considered confidential. Parties agree not to
disclose this information to any third parties without prior written consent from the
other party unless the information is shared with the employees during the cause of
the performance of the duties and obligations herein, who shall not disclose the
confidential information with any third parties without the written consent from the
other party.
9. Governing Law.
Parties herein agree that the provisions of this Agreement shall be construed in
accordance with the laws of the state of Florida.
10. Dispute Resolution.
In the event of a dispute between the parties regarding the enforcement or
interpretation of the duties and obligations, the dispute shall be settled through
negotiations between the parties, failure of which, the dispute shall be referred to
Arbitration, whose decision shall be final.
11. Termination.
Either party to this Agreement may terminate the terms herein by issuing a prior 90
days’ written notice to allow for the arrangement of the transitions. Company B will
have up to a year to transition out of all designs and during the year of transition all
the terms of this contract should remain the same.
Reasons for termination may include but are not limited to; –
i. Failure to make a payment within 90 days
ii. Selling products with Company A’s art outside of the agreed terms
iii. Selling products with Company A’s art without consent
iv. Modifying Company A’s art without consent
v. Sharing art with other vendors, for those vendors to sell without consent.
12. Force Majeure.
Neither party herein shall be held liable for failure or delay in performing the
obligations and duties set herein or be deemed to be in breach of these Terms if
such failure, delay, or the breach, was caused by Acts of God, natural disaster, war,
government restrictions or any other reasonable causes beyond the control of either
party.
13. Entire Agreement.
The terms and provisions contained in this Agreement constitute the entire
Agreement between the parties and supersede any prior written or oral agreements
or promises.
IN WITNESS WHEREOF, parties have caused this Agreement to be executed on
the date herein below (the “Effective date”).
Signed by the COMPANY A; –
Signature:
___________________________
Name:
______________________________
Designation:
_________________________
Date:
Signed by the COMPANY B; –
Signature:
___________________________
Name:
______________________________
Designation:
_________________________
Date:
_______________________________
Email Address:
_______________________
_______________________________
Email Address:
_______________________
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