INTELLECTUAL PROPERTY 101
Intellectual property is a collection of ideas and concepts, it is a creation of the mind, such as inventions, literary and artistic works, designs, symbols, names, and images.
The musical composition created from scratch is regarded as an artistic work hence and intellectual property. IP is protected by the law.
Points To Consider Before Signing An Endorsement Deal
Brand awareness is always key, so before entering any form of collaboration or agreement, the following should be carefully reviewed:
The Term of Duration:
This describes the length of time that both the parties agreed to be in this contract. The duration is usually the specified number of months or a year. It can be possible that the agreement can be renewed through one or more mechanisms, which are, by giving notification from one of the parties or both parties mutually agreeing, etc. If in the case of an extension, the extended period will be considered as the term of the agreement.
Definitions and Interpretations:
The agreement should clearly mention a list of definitions to clarify the meaning of the important terms of the contract.
The Territory Covered:
This describes the geographical area in which the parties perform their obligations as well as their rights under the agreement. This can be a particular country, state, city or the entire world.
Obligations of the Agreement:
The company agrees that the artist is the principal authority to endorse, present and advertise the product throughout the territory during the term.
This clause gives importance to the company that an agreement contains an exclusivity clause, which restricts the artist to offer the same service to the competitor. This agreement also prevents the artist from using competitors’ products for a specified period. Exclusivity in an Endorsement Agreement should be considered through negotiations.
Moral Clauses Attached to the Contract:
This clause protects the risk taken by the artist, where his value might be damaged by any misconduct. This clause also permits the company to end the Endorsement Agreement if the artist loses his or her image or the image of the company or its product or service.
Termination or Exist Clause:
If one party violates the Endorsement Agreement, then the other party can terminate the contract. This usually happens when companies do not make payments timely or the artist does not deliver properly to the satisfaction of the company.
Other circumstances under which an agreement can be terminated when the agreement comes to the end of its term.
Dealing with any kind of contract or agreement can be very tricky, for better understanding one is advised to get a lawyer.