Soundspace Label Group Masters and Ownership Agreement
Last Updated 2/8/2023
This Agreement is a binding agreement made by confirming acknowledgment of these terms between the member acknowledging these terms, hereinafter referred to as "Member," and Soundspace Label Group, hereinafter referred to as "SLG."
Purpose. This Agreement sets forth the terms and conditions for the ownership of all masters created as a product of the Member's SLG membership.
Ownership of Masters. The Member acknowledges that all masters created as a product of the Member's SLG membership are created with 30% ownership as the property of SLG and 70% ownership by the artist or artists involved. The Member agrees to assign 30% of all rights, title, and interest in and to the masters to SLG, including, but not limited to, the right to manufacture, distribute, sell, and license the masters.
Representation and Warranty. The Member represents and warrants that the masters are original and do not infringe the intellectual property rights of any third party.
Payment for Masters. The Member agrees to pay SLG for the use of the masters in accordance with the terms of the Member's SLG membership agreement. Likewise, SLG agrees to pay the Member for the use of the masters in accordance with the terms of the Member's SLG membership agreement.
Terms for Payment for Masters. The Member is able to purchase back the full ownership of masters created as a result of membership with SLG at a reasonable price negotiated directly with SLG.
Negotiations on Behalf of Member. SLG may, at its discretion, negotiate on behalf of the Member in connection with the exploitation of the masters. The Member acknowledges and agrees that SLG has the right to enter into any and all agreements necessary to exploit the masters, including, but not limited to, publishing agreements and master use agreements. The Member agrees to cooperate with SLG in connection with any such negotiations and to execute any and all necessary documents.
Indemnification. The Member agrees to indemnify and hold harmless SLG against any and all claims, damages, and expenses, including, but not limited to, attorney's fees, arising out of the Member's breach of this Agreement.
Termination. This Agreement shall terminate upon termination of the Member's SLG membership. Upon termination, the Member shall immediately assign 30% of all rights, titles, and interest in and to the masters to SLG.
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Indiana.
IN WITNESS WHEREOF, the Member has executed this Agreement as of the date of acknowledgment of the terms.
SOUNDSPACE LABEL GROUP
By: Richard Anderson III
Title: CEO