EXCLUSIVE MUSIC LICENSE AGREEMENT
THIS LICENSE AGREEMENT is made on November 26, 2022 ("Effective Date") by and between (hereinafter referred to as the "Licensee") also, if applicable, professionally known as , whose principle address is , , and the copyright owner(s) ItsBuddha Productions, LLC (hereinafter referred to as the "Licensor") also, if applicable, professionally known as ItsBuddha Publishing, whose principle address is 717 Saint Joseph Dr, Ste 121, Saint Joseph, Michigan, United States of America. Licensor warrants that it controls the mechanical rights in and to the copyrighted musical works entitled ("Composition") as of and prior to the date first written above. The Composition, including the music thereof, was composed by Billy Coleman III ("Songwriter"), owner of the Licensor.
Master Use. The Licensor hereby grants to Licensee an exclusive license (this "License") to record vocal synchronization to the Composition partly or in its entirety and substantially in its original form ("Master Recording").
Mechanical Rights. The Licensor hereby grants to Licensee an exclusive license to use Master Recording in the reproduction, duplication, manufacture, and distribution of phonograph records, cassette tapes, compact disk, digital downloads, other miscellaneous audio and digital recordings, and any lifts and versions thereof (collectively, the "Recordings", and individually, a "Recording") worldwide for unlimited copies of such Recordings or any combination of such Recordings, condition upon the payment or and/or recoupment to the Licensor a sum of $100.00 US Dollars and/or other good and valuable consideration, receipt of which is confirmed by invoice or at the transaction address delivered to the Licensee upon their decision to purchase ownership of the Composition's non-fungible token (NFT), which will be minted as soon as possible to the Polygon PoS distributed ledger upon purchase.
Performance Rights. The Licensor hereby grants to Licensee an exclusive license to use the Master Recording in unlimited for-profit performances, shows, or concerts.
Broadcast Rights. The Licensor hereby grants to Licensee an exclusive license to broadcast or air the Master Recording in unlimited amounts of radio stations.Credit. Licensee shall acknowledge the original authorship of the Composition appropriately and reasonably in all media and performance formats under the name "ItsBuddha" in writing where possible and vocally otherwise.Consideration. In consideration for the rights granted under this agreement, Licensee shall pay to Licensor the sum of $100.00 US dollars and/or other good and valuable consideration, payable to Licensor's software cryptocurrency wallet, whose public address is "0x1B91BeEC6B578040a22CB63deDbf2802f0Ba6e0A", receipt of which is hereby acknowledged. If the Licensee fails to account to the Licensor, timely complete the payments provided for hereunder, or perform its other obligations hereunder, including having insufficient bank balance, the Licensor shall have the right to terminate license upon written notice to the Licensee. Such termination shall render the recording, manufacture and/or distribution of Recordings for which monies have not been paid subject to and actionable infringements under applicable law, including, without limitation, the United States Copyright Act, as amended.
Delivery. The Composition shall be delivered via e-mail transmission or the IPFS URL included with the transaction, that which the Licensee can download the original Composition through.
Indemnification. Accordingly, Licensee agrees to indemnify and hold Licensor harmless from and against any and all claims, losses, damages, costs, expenses, including, without limitation, reasonable attorney's fees, arising of or resulting from a claimed breach of any of Licensee's representations, warranties or agreements hereunder.
Audio Samples. 3rd-party sample clearance is the responsibility of the Licensee.
Miscellaneous. This license is non-transferable and is limited to the Composition specified above, constitutes the entire agreement between the Licensor and the Licensee relating to the Composition, and shall be binding upon both the Licensor and the Licensee and their respective successors, assigns, and legal representatives.
Governing Law. This license is governed by and shall be construed under the law of the State of Michigan, United States of America, without regard to the conflicts of laws principles thereof.
, owns 50% of performance rights.
Billy Coleman III, owns 50% of performance rights.
, owns 50% of publishing rights.
ItsBuddha Publishing, owns 50% of publishing rights.
THE PARTIES HAVE DULY EXECUTED THIS AGREEMENT on November 26, 2022.
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Document Name: EXCLUSIVE MUSIC LICENSE AGREEMENT
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