MY CHATGPT CONVERSATION ABOUT THE PROFIT SHARING AGREEMENT I AM DEVELOPING FOR MY REGULAR MUSIC TEAM
Mario Hemsley
I want to develop a profit sharing plan for the musicians that play on more than (6) tracks for me. Could you write a basic agreement that includes all of these understandings?
Chat-GPT
Certainly! Here’s a basic agreement that includes the understandings we have discussed so far regarding profit sharing, social media promotion, and use of images:
Profit Sharing, Social Media Promotion, and Use of Images Agreement
This agreement (“Agreement”) is entered into by and between [Your Name] (“Artist”) and the regular vocalists who perform on the Artist’s tracks (“Regular Vocalists”).
Purpose of Agreement: The purpose of this Agreement is to establish a profit sharing arrangement, social media promotion requirements, and use of images for promotional purposes between the Artist and the Regular Vocalists.
Profit Sharing: The Artist and Regular Vocalists agree to split any profits generated from the sale or distribution of tracks on which the Regular Vocalists perform. The profit split will be as follows:
[Artist Name] – [Percentage]%
[Regular Vocalist 1 Name] – [Percentage]%
[Regular Vocalist 2 Name] – [Percentage]%
[Regular Vocalist 3 Name] – [Percentage]%
[Regular Vocalist 4 Name] – [Percentage]%
Payment: The Artist will be responsible for collecting and distributing profits to the Regular Vocalists on a quarterly basis. All payments will be made electronically.
Social Media Promotion: The Regular Vocalists agree to promote the Artist’s tracks through their social media channels, such as Facebook, Twitter, and Instagram. Promotion activities may include, but are not limited to, sharing links to the tracks, creating posts about the recording process, and using hashtags to increase visibility. The Regular Vocalists shall complete the following social media promotion activities for each track on which they perform:
Share a link to the track on their personal social media accounts within [number] days of the track’s release.
Create at least [number] social media posts about the recording process or their involvement in the track within [number] days of the track’s release.
Use at least [number] relevant hashtags in their social media posts.
Use of Images: The Regular Vocalists agree to contribute images, such as photographs or other artwork, that are appropriate for use in promotional materials related to the music release. The Artist shall have the right to use these images in various formats and media, including but not limited to digital, print, and online, for the purpose of promoting and publicizing the music release. The compensation for the use of the images shall be [insert compensation terms, such as a percentage of profits or a flat fee per image]. All images contributed by the Regular Vocalists shall be subject to the terms and conditions of the Agreement for Use of Images entered into by and between the Artist and the Photographer.
Promotion Requirements: The Regular Vocalists shall meet the social media promotion requirements and contribute appropriate images in accordance with the terms of this Agreement.
Monitoring and Measurement: The Artist will monitor the social media promotion efforts and use of images by the Regular Vocalists and may provide feedback and support to help them improve their performance. The Artist will also track the effectiveness of the promotion activities and use of images and may adjust the requirements or incentives based on the results.
Termination: This Agreement may be terminated by either party upon [number] days written notice. In the event of termination, the Regular Vocalists will receive any profits due up to the date of termination.
Governing Law: This Agreement shall be governed by and construed in accordance with the laws of [Your Country/State].
Entire Agreement: This Agreement constitutes the entire agreement between the parties and supersedes all prior negotiations, understandings, and agreements between them. This Agreement may only be amended in writing and signed by both parties.
IN WITNESS WHEREOF, the parties have executed this Agreement as
Mario Hemsley
Please summarize this discussion.
Chatgpt AI
In this discussion, we talked about creating a profit sharing and social media promotion agreement with regular vocalists who perform on your tracks. We also discussed the inclusion of a clause regarding the use of images for promotional purposes.
We suggested that a reasonable profit sharing percentage for regular vocalists is around 15%, but this can be negotiated based on individual circumstances. We also recommended including specific social media promotion requirements in the agreement, such as sharing links to the tracks and using relevant hashtags.
Regarding the use of images, we recommended securing the necessary rights before using any images and creating a separate agreement for this purpose. We also suggested including a clause in the profit sharing agreement that outlines the use of images and compensation terms.
Finally, we provided a sample agreement that includes all of these understandings, which can be customized based on the specific terms and conditions agreed upon between the parties.
