Check out what our smart contract looks like in English. You decide on the percentage of rights given out and the price paid for this. Unlike traditional labels, Sined takes a flat-fee of 2.5% on sale of the rights at point of transfer.
This is an agreement made this _________ day of _____________________________, 20____, in,____________, between the undersigned BIDDER and the undersigned ARTIST.
In this agreement ARTIST promised to make royalty payments in amount of the percentage purchased in the sale on Sined to the BIDDER.
ARTIST promises to pay to BIDDER the following percentage of the amounts received by ARTIST from sale of their song:
ARTIST promises to make the payments to BIDDER as soon as the check is received by ARTIST.
ARTIST promises to send all royalty statements (or copies) and other communications (or copies) to BIDDER.
ARTIST hereby instructs his bookkeepers and accountants to make available for inspection and copying the ARTISTs contract and all statements rendered by the sale of the song to the ARTIST.
This agreement does not cover and is not intended to cover any agreement between a RECORD COMPANY and anyone else (including the ARTIST and the BIDDER) concerning song publishing and mechanical licenses. In the event either is entitled to share in songwriting and/or publishing rights and/or royalties, a separate agreement will cover that aspect.
ARTIST hereby requests, instructs, authorizes and empowers third party to pay said percentages directly to BIDDER.
The duration of this agreement commences as of the execution of the bid between ARTIST and BIDDER, and shall continue as long as ARTIST is entitled to monies from the sale of their song.
The ARTIST and BIDDER agree to a commission fee of 2.5% of the rights sale using the Sined platform.