JOINT VENTURE MUSIC PRODUCTION AND COMPOSITIONS AGREEMENT.
This Joint Venture Music Production and Compositions Agreement (hereinafter referred to as the “Agreement”) is made and entered on this ____ day of _____ 2021 (the “Effective Date”), between Felix Sama, Contact Info: __________ (hereinafter referred to as the “Partner A”), and David Hobbs, Contact Info: ____________ (herein referred to as the “Partner B”).
WHEREAS, the Parties have separate music companies, joining under this Agreement for a joint venture; Mixx Sama Invasion.
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 of One Year commencing on the Effective Date herein, subject to being renewed.
- The Parties shall partner and alliance their individual respective music companies (nonexclusive) to create new audio and video masters with an equal 50/50 ownership split.
- The Parties shall collaborate on creating new copyrighted compositions with an equal 50/50 ownership split.
- The Parties shall have equal rights to initiate business deals and discussions with third party business prospects, along with recruit independent contractors under this Agreement. The Parties shall remain transparent with each other about individual ventures that are connected to this Agreement.
- The Parties shall rights to continue to pursue their individual projects that are not connected to the concept covered under this Agreement.
- Both Parties shall cover the cost of any music videos as needed.
- Each Party shall be responsible for their traveling expenses and accommodation, unless covered by a third Party.
- Shall work together on budgets and any other business decisions.
- Secure promotions and features for tracks.
- Handle the marketing of the projects as well as shopping for all produced productions to prospects.
- Shall cover the cost for mastering and graphics, to be reimbursed once the track is sold or from royalties and publishing.
Shall be responsible for creating music compositions, along with Partner A.
The Parties shall share the profits from the venture at an equal split of 50/50. Each Party shall be responsible for paying their taxes from the money made from this venture.
In the unfortunate event that either Party becomes ill and/or develops mental issues that affect their performance and ability to execute this Agreement, their spouse, assigned guardian, or assigned heir shall notified, vetted and administered into this Agreement by a mediator and the surviving Party. The surviving Party shall take control of the day to day business of the venture until the term of this Agreement expires.
Parties shall be responsible in ensuring that all necessary business licenses and permits have been paid for and are updated. Both Parties shall contribute towards the business taxes. These amounts shall either be contributed by individual parties or deducted from the profits made.
Parties agree that either Party can terminate/cancel this Agreement at any given time, provided that the intending Party provides the other Party a _____ Day Written Notice on the termination/cancellation.
- ASSIGNMENT/FORCE MAJEURE/WAIVER.
- The Parties shall not assign their obligations or their services under this Agreement without prior written notice and/or consent from the other Party.
- The failure on the part of either Party to perform their obligation within the timeframe provided under this Agreement will not be considered as default if such failure is the result of natural calamities, acts or God, Covid-19, extreme adverse disasters and circumstances beyond the control of the parties. The affected Party shall however be required to inform the other Party of such delays promptly.
- The waiver by either party of any breach or failure to enforce any of the terms 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, DISPUTE RESOLUTION, 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.
- In the unfortunate event of issues arising from the performance of this Agreement, the Parties agree to submit the matter to an arbitrator in _______ [State/Country]. This Agreement shall be governed by and construed in accordance with the laws of __________ [State/Country]. Exclusive jurisdiction and venue shall be in ___________ [State/Country].
- 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.
PARTNER A: _____________ ________________________ ___________
(SIGNATURE) (NAME) (DATE)
PARTNER B: _____________ ________________________ ___________
(SIGNATURE) (NAME) (DATE)
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