DISCLAIMER: This document explains your ownership rights agreement and information that you will need to review and understand before making any legal actions with your new beat(s).
MASTER TRACK RIGHTS AGREEMENT:
This is a legal agreement made by and between Rakeem B. Coleman El (M.O.B.; “Tha Mark of Buddha”), the Licensor (the “Producer”) and the Licensee (the “Purchaser”), _________________, for the exclusive, transferable right to use the musical Composition(s) known as (the “Composition(s)”) for all commercial recording, performing, broadcasting and distribution purposes (“Exclusive Rights/Ownership”). The producer tag, “It’s Tha Mark of Buddha!” shall either be removed from any part of the Composition(s) prior to purchase or after any recording(s) or distribution(s) have been made by the Purchaser, or not included from the inception of the Composition(s). The Producer retains inherent compositional and mechanical rights to the Composition(s) and transfers 75% to the Purchaser. This agreement does include tracked out stems of the Composition(s), as well as a downloadable high-resolution WAV file.
RIGHTS GRANTED: This license permits the exclusive use and ownership of the Composition(s) or any portion thereof in particular recordings made in connection with the Composition(s), including the exclusive right to perform, broadcast and distribute any derivative thereof. This agreement permits the Purchaser to reproduce, share or re-sell the Composition(s) without limitation. The Purchaser is entitled to lifetime rights of the Composition(s) as long as the funds made to purchase it are cleared. Therefore, if the funds are not cleared or not transferred, then the Licensee does not own the rights, the rights are then transferred back to Rakeem B. Coleman El (M.O.B.), the Producer and Composer. Furthermore, if the licensee does not use the Composition(s) exclusively for any musical work or project, such as a song or published release, within a two-year period from the date of purchase, the rights are then terminated and Rakeem B. Coleman El (M.O.B.) can re-upload, resale, and distribute the Composition(s) to any other artist(s) or company exclusively.
USAGE TERMS AND BENEFITS:
- Tagged: No
- Number of Song Promotions on Killah Priest Podcast (70K Subscribers): 2
- Free Digital Distribution: Yes
- Mixing & Mastering Service: Free (Up to 4 Revisions)
- Number of Distribution copies: Unlimited
- Number of Audio streams: Unlimited
- Number of Non-Monetized Video/streams: Unlimited
- Broadcasting Rights: Yes/Unlimited
- Allow For Profit Performances: Yes
- Number of Free Downloads: Unlimited
- Number of Music Videos: Unlimited
- Number of Monetized Video Streams: Unlimited
- Number of Radio Stations: Unlimited
- NOT For Profit Performances: Unlimited
PAYMENT: In full and complete consideration to Licensor for entering into this Agreement, and for all rights transferred by Licensor to Purchaser hereunder, Purchaser agrees to pay, and Licensor agrees to accept, the fee set forth on the ThaMarkOfBuddha.Net “Custom Beats Service” page and Receipt (the “Fee”). The fee (in any portion) is non-refundable and non-recoupable, receipt(s) of which is hereby acknowledged.
WARRANTIES:
Unless otherwise agreed in writing, Rakeem B. Coleman El (M.O.B.) offers the Composition(s) as-is and makes no representations or warranties of any kind concerning the work, including, without limitation, warranties of title, merchantability, fitness for a particular purpose, non-infringement, sample clearance, or the absence of latent or other defects, accuracy, or the presence or absence of errors, whether or not discoverable.
OWNERSHIP & REGISTRATIONS: Other than as explicitly set forth herein, Licensor shall continue to own all right, title, and interest in and to the master recording and composition of the Composition(s), and nothing herein shall constitute an assignment of any such rights. Subject to the terms of this Agreement, the Composition(s) of the Derivative Work, as well as any sound recordings of the Derivative Work created by Purchaser, shall be owned by Purchaser. Licensor does not intend to grant any rights in or to any other derivative works of the Composition(s) that may have been created by third parties. For the avoidance of doubt, because Purchaser must make a Meaningful Additions in order for a Derivative Work to be created, any other manipulation of the Composition(s), or minor additions, shall not constitute the creation of a Derivative Work, and therefore any such creative material produced that does not constitute a Meaningful Addition shall be owned by Licensor.
- Economic Interest in Publishing Royalties. Notwithstanding the foregoing, if and when Purchaser registers the Derivative Work with a performance rights organization (each a “PRO”), Purchaser shall include Licensor as a co-writer of the Derivative Work (or equivalent designation with the applicable PRO as necessary to document with the PRO that Licensor shall be entitled to 25% of all amounts payable by the PRO to anyone, including Licensor, or any other writers or publishers designated when registering with a PRO, with respect to the Derivative Work).
- Rights Apart from Derivative Work. Following any termination of this License: (a) Purchaser shall continue to own the Derivative Work. However, Purchaser shall not be able to enjoy any rights in the Derivative Work to the extent it continues to incorporate the Composition(s), as the Purchaser’s Agreement to use the Composition(s) shall have terminated. (b) Purchaser shall be able to continue using (and owning) all materials created by the Purchaser (including any additional original music or lyrics composed by Purchaser) that had been layered over the Composition(s), and under no circumstances shall such layered materials be deemed owned by Licensor. (c) Licensor shall be free from any restrictions regarding their own enjoyment or ability to license or resell the Composition(s).
ROYALTIES: Royalties for the sale, distribution, streaming, broadcast and performance of any Derivative Work of the Composition(s) shall be allocated as follows:
Sales: 3% of net sales on the “Master/Sound Recording” to Rakeem B. Coleman El (M.O.B.) and 97% to the Licensee.
Writing Shares:
15% – Producer – THA MARK OF BUDDHA (IPI #: 827162145)
85% – Licensee –
Publishing Shares:
25% – Producer – THA MARK OF BUDDHA (IPI #: 827162145)
75% – Licensee –
Credit: All distributed works must show the following music credit:
Produced by M.O.B. or Produced by THA M.O.B. or Produced by Tha Mark of Buddha
LIMITATION ON LIABILITY: Except to the extent required by applicable law, in no event will Rakeem B. Coleman El (M.O.B.) be liable to Purchaser on any legal theory for any damages arising out of this agreement or the use of the Composition(s), even if Rakeem B. Coleman El (M.O.B.) has been advised of the possibility of such damages.
INDEMNIFICATION: Purchaser will indemnify, defend, and hold harmless Licensor and their respective officers, directors, members, managers, employees, and agents from and against any Losses based on or arising from any allegation that the Derivative Work infringes upon the intellectual property rights or other proprietary rights of any third party.
COVENANTS: Purchaser agrees not to grant any sync licenses for the Composition(s) in its unaltered state. Purchaser shall only be allowed to grant sync licenses for derivative works of the Composition(s), and only if such derivative works include the addition of a vocal melody and lyrics (“Meaningful Additions”) to the audio of the Composition(s). Notwithstanding the foregoing, Purchaser shall be allowed to sync the Composition(s) in connection with one (1) audio-visual production, where such audio-visual production’s primary purpose is to promote the Composition(s) and/or Purchaser, but not for any other commercial purposes. Should Purchaser assign any of the Rights to any third party, such third party must accept the ongoing covenants of this Provision as well.
REVISIONS: Set forth herein, there shall only be a maximum of four revisions of the Composition(s) made by Licensor under the circumstance that Purchaser is unsatisfied with any aspect of the Composition(s) arrangement, programming, drum pattern, sound or instrument selection, melody, rhythm, tempo, mood, mix, or composition. There shall be no revisions exceeding the aforementioned limit.
TERMINATION AND REVERSION: This Agreement and the Rights granted hereunder will terminate automatically upon any breach by Purchaser (a “Reversion”) of the terms of this Agreement.