This Business Agreement (hereinafter referred to as the “Agreement”) is made and entered on this ____ day of _____ 2021 (the “Effective Date”), between Mark Mims, Next Sound LLC, Contact Info; 700 Tech Center Parkway, Ste. 260 Newport News, Virginia 23606 (hereinafter referred to as the “Company”), and Sean Simmonds, Xist Music, Contact Info; ____________ (herein referred to as the “Client”).
NOW THEREOF, in consideration of the mutual covenants and promises made by the Parties hereto, the Parties covenant and agree as follows:
The initial term of this Agreement shall be for a period Five Years, commencing on the Effective Date herein.
- The Company shall license two albums titled The Whole Truth and Love Hope War and all singles associated with the albums by recording artist Da’ T.R.U.T.H.
- The Company shall have all the rights to exploit the albums and singles thereof in whichever way it sees fit including but not limited to sell, advertising and marketing, and collect any and all revenue associated with the albums.
The Client shall pay the Company Five Thousand Dollars ($5,000) payable on the Effective Date herein. Upon the expiry of the term of this Agreement, the Company shall have a right to have the Agreement extended for 5 years for another $5,000. If the Client shall not make another payment of $5,000 upon the expiry of the term of this Agreement, the Company shall not continue with the licensing of the albums and the singles.
The Parties acknowledge that either Party can terminate/cancel this Agreement at any time provided that they issue a ___ day written Notice on the same. If the Client opts out of this Agreement before the 5 years, they shall forfeit the $5,000 paid to the Company.
- The Company shall not be held responsible for any and all legal issues arising from the production and content associated with the albums and the singles. The Client and its artist shall indemnify the Company against all such claims.
- The waiver by either party of any breach or failure to enforce any of the terms and conditions of this Agreement at any time shall not in any way affect, limit, or waive such party’s right thereafter to enforce and compel strict compliance with every term and condition of this Agreement.
- GENERAL PROVISION, GOVERNING LAW AND JURISDICTION.
- This Agreement contains the entire Agreement between the Parties relating to the subject matter hereof and supersedes any and all prior agreements or understandings, written or oral, between the parties related to the subject matter hereof. No modification of this Agreement shall be valid unless made in writing and signed by both parties hereto.
- This Agreement shall be governed by and construed in accordance with the laws of the ____ [State/Country]. Exclusive jurisdiction and venue shall be in ____ [State/Country].
- This Agreement shall be binding upon and inure to the benefit of the Company and the Client and their respective successors and assigns, provided that the Client may not assign any of their obligations under this Agreement without the Company’s prior written consent.
- Each party represents and warrants to the other that such party has acted in good faith, and agrees to continue to so act, in the negotiation, execution, delivery, performance, and any termination of this Agreement.
IN WITNESS WHEREOF, this Agreement has been executed by the parties as of the Effective Date.
COMPANY: _____________ ________________________ ___________
(SIGNATURE) (NAME) (DATE)
CLIENT: _______________ ________________________ ___________
(SIGNATURE) (NAME) (DATE)
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