Legal Term
artist print licensing agreement royalty calculation on bundles
Legal Definition
A contractual provision within an artist print licensing agreement that delineates the specific formula, allocation method, and valuation approach for computing royalty payments when licensed prints are sold or distributed as part of a bundled product or service package with other items.
In Plain English
A rule in an art licensing contract that determines how much an artist gets paid when their prints are sold together with other things in a combined package, like a print with a poster or a book.
Example in a Contract
Royalty Calculation for Bundled Sales: When Licensed Prints are included in a Bundled Product (defined as any offering combining Licensed Prints with non-licensed goods or services), the Licensee shall pay royalties based on the Net Revenue attributable to the Licensed Prints. The parties shall mutually agree in writing on the value allocation prior to sale. Failing agreement, royalties shall be calculated using the average standalone retail price of the Licensed Prints over the prior twelve months, applied to the quantity sold in the bundle.
This content is for informational purposes only and does not constitute legal advice. Always consult a licensed attorney for legal matters.