Sound Recording. The producer has recorded and owns, or has acquired, full rights in and to a certain sound recording of rhythms and sounds, or so-called “beats” (the “Sound Recording”), including the underlying musical composition contained therein (the “Musical Composition”), identified as “BEAT NAME”. The Sound Recording and Musical Composition may sometimes be collectively referred to hereinafter as the “Work”). Artist wants to purchase, and Producer wants to sell a non-exclusive license to use the Sound Recording and Musical Composition, in accordance with terms and conditions contained herein.
Sound Recording. Revenue earned by Seller in connection with the sale and exploitation of the Sound Recording in the Portfolio, if applicable, will be paid at the Percentage Interest and for the applicable Revenue Sources (e.g., Streaming) as set forth in Schedule A. Sales shall be determined by reference to the royalty statements from the royalties credited to Seller by Distributor, Artist or other third party for the applicable calendar quarter or bi-yearly, which shall be conclusive and binding upon the Parties, absent manifest error.
