This Agreement is entered into on that day by _______ 199__ by and between Multimedia Intellectual Property Co. (“Multimedia Intellectual Property Co.”) and the artist (“ARTIST”) referred to in Appendix A. CONSIDERING that the Artist controls the rights in a music video as defined in Appendix A (“VIDEO”), including all copyright in the musical composition, texts, performance and sound recording, the right to publication of interpreters and the mark for the name of the interpreter; WHEREAS, Multimedia Intellectual Property Co. is a multimedia development company that intends to integrate VIDEO into an interactive multimedia work (“PRODUCT”); and CONSIDERING that ARTIST wishes to integrate video into the product; ACCORDINGLY, taking into account the premises, conditions, assurances and guarantees contained therein, the parties agree that without this agreement, the owner of valuable intellectual property would not be able to earn money or control how ip is used worldwide. And individuals and companies that need some intellectual property to grow their businesses or make a living may not have access to it. 1. This Agreement may be terminated, at the option of either Party, by written notice to the other Party, if the other Party has fallen behind in the performance or performance of an essential agreement, condition or agreement and such non-performance continues for a period of thirty (thirty) days from the date of the written notification mentioning it. 2. Upon termination or expiration of this Agreement, Multimedia Intellectual Property Co. will remove the VIDEO from the PRODUCT as soon as it is economically viable. Notwithstanding the foregoing, Multimedia Intellectual Property Co. has the right to execute existing orders and sell existing copies of the PRODUCT containing the VIDEO, which is then in stock, provided that the sales period does not exceed six (6) months from the date of termination.
ARTIST has the right to verify the presence and validity of existing orders and existing copies of the PRODUCT, which are then in stock, after appropriate notification to Multimedia Intellectual Property Co. .