Assignment agreement: of music copyright or other IP; cash sale; seller retains right to buy back
This is a straightforward assignment agreement that transfers rights to use music or other IP in return for a single cash payment to the seller. The seller optionally may retain some rights such as first refusal (pre-emption) to purchase the music back if it is offered for sale. This is a thorough and flexible agreement.
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About this transfer of rights agreement
This agreement has been drawn for a simple sale of copyright in intellectual property, using the the sale of a work of music as the basis. It could as easily be used for other IP such as lyrics or a stage play or a script.
It is drawn as a sale so that the buyer has freedom to use the work without the restrictions of licence terms.
However, optional provision has also been made for the writer, creator or composer to retain some rights. These could be any. Geographical territory or specific use would be the most common. If retained rights are more complicated, it would be better to use a licence agreement such as this one.
This agreement protects the interest of the seller without offending or prejudicing the buyer. It provides for a right of first refusal if the buyer decides to sell at a later date and a procedure to make that work fairly to both sides. Such a pre-emption right allows the seller to buy his or her work first, in preference to any other buyer.
The financial arrangement is a simple cash sale. Both sides are protected by reasonable warranties.
So that you can easily follow the effect of the document, we have given names to the parties and the subject matter.
Contents of this this music rights sale agreement
The most important subject matters covered in this document include:
- Definitions, interpretation and legal matters
- Selected warranties and understandings by both sides
- The assignment deal
- Right for the creator, writer or composer to buy the work back
- Infringement of copyright
- Other matters relating to enforcement and other legal issues
This document was written by a solicitor for Net Lawman. It complies with current English law.
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