Agreement made and entered into this _____ day of ______, 20______ by and Your Company Name, hereinafter referred to as "Owner" and _____________________ of _________________________ hereinafter referred to as a "Licensee";
WITNESSETH:
Whereas, Owner was organized for the purpose of and is engaged in the United States of America in the creation and production of CD's, cassettes, videos, sheet music hereinafter referred to as "music products"; And Whereas, Licensee is in a position directly or indirectly to provide manufacturing, marketing and distribution facilities for products in the licensed territory referred to below;
NOW THEREFORE, in consideration of the foregoing and of the mutual promises hereinafter set forth, it is agreed:
1. Owner hereby grants to Licensee, for a period of ______ years from the date of this agreement, the exclusive and non-assignable rights to manufacture, sell and distribute music products, without limitation or restriction except as set forth herein, with respect to the music recordings and sheet music masters (herein sometimes called "master recordings") set forth in Exhibit A, attached hereto and made a part hereof, anywhere in and solely in the territory of the United States and covering all world markets, herein called "licensed territory").
2. Except as provided for in this agreement all other rights of any nature whatsoever in the aforementioned musical products are reserved by Owner.
3. If Licensee fails to account and make payments hereunder and such failure is not cured within thirty (30) days after written notice thereof to Licensee, or if Licensee fails to perform any other obligations required of it hereunder and such failure is not cured within thirty (30) days after written notice thereof to Licensee, or in the event that Licensee shall go into compulsory liquidation, or shall go into bankruptcy or make an assignment for the benefit of creditors or make any compositions with creditors, or any insolvency or composition proceeding shall be commenced by or against Licensee, then and in any of such events, Owner, in addition to such other rights or remedies which it may have at law or otherwise under this agreement, may elect to cancel or terminate this agreement without prejudice to any rights or claims it may have, and all rights hereunder shall forthwith revert to Owner and Licensee may not hereafter manufacture musical products from masters furnished under this agreement by Owner, or sell such musical products. Upon such cancellation or termination, Licensee shall destroy all such musical products in its possession and thereupon return all then existing tapes and manuscripts previously received from Owner, or any derivatives of same.
4. In consideration for the rights herein granted Licensee agrees to pay to Owner a sum equal to _______% (example 22.5%) of the gross monies receive by Licensee in the licensed territory of ______% (example 90%) of all musical products …
