This Global Commercial Use Single Release Agreement (the "Agreement") is made and entered into on 1-30-24, by and between:
702 Thrillz (hereinafter referred to as the "Artist")
email: cmcknight365@gmail.com
And
Insider Productionz (hereinafter referred to as the "Producer")
Address: cryptobeatradio@gmail.com
Collectively referred to as the "Parties."
1. DEFINITIONS
1.1 Song: Any musical composition, including lyrics, produced by the Artist and the Producer.
1.2 NFT: Non-fungible token representing ownership of a digital asset.
2. RIGHTS AND OWNERSHIP
2.1 The Artist retains all rights, title, and interest in and to the musical works, including lyrics and composition, produced under this Agreement.
2.2 The Producer retains all rights to the production and instrumental aspects of the musical works.
3. NFT OWNERSHIP AND COMMERCIAL USE PERMISSION
3.1 For each single release on sound.xyz, the Artist agrees to mint and sell an NFT representing ownership of the specific song.
3.2 The NFT buyer is granted permission to use, remix, and release the song for commercial purposes, provided they acknowledge the Artist (702 Thrillz) and the Producer (Insider Productionz) as the original creators.
3.3 Purchasing the NFT acts as an electronic signature, legally binding the buyer to the terms of this Agreement.
4. ROYALTIES
4.1 The NFT buyer agrees to pay a royalty of 50% on all proceeds generated from the musical works, including but not limited to sales, streaming, merchandise, videos, artwork, and lyrics.
4.2 The Artist and the Producer shall be entitled to their respective shares of the royalties, with the Artist receiving 50% and the Producer receiving 50%.
5. REPRESENTATIONS AND WARRANTIES
5.1 The Artist represents and warrants that they have full rights to the lyrics and music and that the use of the musical works will not infringe upon the rights of any third party.
5.2 The Producer represents and warrants that they have the right to grant permission for the use, remixing, and commercial release of the song.
6. GOVERNING LAW
This Agreement shall be governed by and construed in accordance with the laws of [California]. Any disputes arising under or in connection with this Agreement shall be subject to the exclusive jurisdiction of the [Los Angeles, California] courts.
IN WITNESS WHEREOF, the Parties hereto have executed this Global Commercial Use Single Release Agreement as of the Effective Date.
Song: You & Me
ISRC: QZES91829706
702 Thrillz__________________ Date: ______1-18-24______
702 Thrillz (Artist)
Insider Productionz__________________________ Date: _1-18-24___________
Insider Productionz (Producer)