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Exclusive Art Licensing
An Exclusive art copyright license comprises two parts:
Part 1: General Terms and
Part 2: a product specific License Grant.
A link to a copy of the entire DRAFT License-Agreement can be found below the summary.
An edited summary (not a legal document) of Typical LICENSE GRANT terms follows.
The parties agree, that under the terms of the Agreement, Artist grants a non- exclusive, non-transferable, royalty bearing license to the Artwork described herein, and only for the Fees, Term and Territory and Licensed Products set forth in this Grant - except that Artist shall not grant other licenses for the use of the Artwork in connection with the License during the term of this Agreement. All rights not specifically transferred by this Agreement are reserved to Artist.
Licensed Artwork: quantity; License Term: Two (2) years; License Territory; Licensed Quantity; Licensed Product Name
LICENSE FEES, ROYALTIES AND PAYMENT
All are in United States Dollars (USD). Nonrefundable Advance against Royalty [TBD] + Nonrefundable Royalty percentage %[TBD] of gross sales price per each product SKU.
Quantity of Licensed Products [TBD] to be delivered to Artist as Additional Compensation
Payable at Signature:
- Nonrefundable Advance Against Royalty: $[TBD]
- Payable monthly/quarterly to Agent based on invoices during the period, starting [month of first sales - but not later than 90 days from the date of the Grant]:
Nonrefundable Royalty per Agreement. Payments are due the fifteenth day of the month following the end of each accounting period.
Royalty Report Requirements:
Every Royalty Report, due for each reporting period shall include the following information:
- Artwork ID#'s' [TBD] (as noted in Exhibit 1 "Licensed Artwork")
- Dates of Sale
- Quantity sold
- Size Sold
- Sales Price
- Royalty Amount Due
LIMITATION OF LIABILITY
Notwithstanding any additional, different or conflicting terms, the total cumulative liability of either Licensor shall not exceed fifty percent (50%) of any royalty or other payments received hereunder by Licensor]
This Grant and its Exhibits, together with the Agreement and all Schedules and Exhibits, describes and documents the entire agreement between the parties And may not be changed or modified except by a written amendment signed by a representative from each party. In the case of a conflict between the Agreement and this Grant, this Grant will supersede.
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