What are Royalties?
Royalties are payment made by one Tony Brands to content creator(Client) that owns a particular asset, for the rights to license of that asset.
This Royalty Agreement (the “Agreement”) is entered into by and between Tony Brands, and content creator (“Client”). Collectively, Payer and Recipient may be referred to as the “Parties.”
Grant of Royalty:
Tony Brands (Payer) agrees to pay content creator (Client) a royalty on the net revenue generated from the use, sale, or licensing of the intellectual property. The royalty rate and calculation method are detailed in in the royalties section.
(a) Royalties shall be paid to Recipient monthly or quarterly within the Client accumulate enough royalties to make the $125 minimum payout after the end of each royalty period.
(b) Payment shall be made via Stripe payment processing to the bank account specified by Client.
Accounting and Statements:
(a) Payer shall provide detailed statements to Client along with each royalty payment, showing the calculation of net revenue and the corresponding royalty owed.
(b) Client has the right to request additional documentation or clarification regarding the calculation of net revenue.
Term and Termination:
(a) The term of this Agreement shall commence on the Effective Date and continue until terminated by either party with 30 days’ written notice.
(b) Either party may terminate this Agreement immediately for a material breach by the other party.
(a) Both parties agree to keep confidential any proprietary or sensitive information disclosed during the course of this Agreement.
(b) This obligation of confidentiality survives the termination of this Agreement.
Representations and Warranties:
(a) Payer represents and warrants that it has the right to use, sell, or license the Intellectual Property and that the use does not infringe the intellectual property rights of any third party.
(b) Recipient represents and warrants that it is the rightful owner of the Intellectual Property or has the authority to receive royalties on behalf of the owner.
This Agreement shall be governed by and construed in accordance with the laws of North Carolina.
(a) This Agreement constitutes the entire understanding between the Parties.
(b) Amendments to this Agreement must be in writing and signed by both Parties.
IN WITNESS WHEREOF, the Parties hereto have executed this Royalty Agreement as of the Effective Date.