RESIDUAL/ROYALTY BUYOUT CONTRACT

RESIDUAL/ROYALTY BUYOUT CONTRACT

Agreement (“Agreement”) by and between {Name of Artist}, henceforth known as “Artist,” and {Name of Company}, henceforth known as “Company,” is made this {date} day of {month}, {year}.

Artist and Company hereby agree to the following provisions:

• Artist has created {work for which royalties are currently being paid}, henceforth known as the “Work,” and is currently being paid royalties according to the following schedule:

{details of payment schedule, including what percentage(s) Artist is receiving, how often payments are made, in what manner payments are made, and any other relevant information}

• Artist has agreed to allow Company to end the previously agreed upon royalty agreement {consider attaching the original agreement to this new buyout agreement}, and instead opt for a lump sum “buyout,” payable immediately.

• Company will pay the Artist {amount in dollars}.

• After this payment, Artist agrees that {he/she} is due no further monies related to the Work listed here, and that all royalty/residual payments will cease as of the date this document is signed.

• This Agreement is subject to the laws and regulations of the state of {State Name}.

_____________________________                  _____________________________

Artist Printed Name                                            Company Representative Name

_____________________________                  _____________________________

Artist Signature                                                   Company Representative Signature