Grant of Rights Term Clause Samples
The "Grant of Rights; Term" clause defines the specific rights being transferred from one party to another and establishes the duration for which those rights are granted. Typically, this clause outlines what intellectual property, content, or other assets are being licensed or assigned, and specifies whether the rights are exclusive or non-exclusive, as well as the start and end dates of the agreement. By clearly delineating both the scope of the rights and the time period they are effective, this clause ensures both parties understand the extent and limitations of their legal relationship, thereby preventing disputes over usage and duration.
Grant of Rights Term. 1.1 Subject to the terms and conditions hereof, Owner hereby grants to Distributor, for the term of Five (5) years from the date of execution of this Agreement (the "Initial Term"), the sole and exclusive right, license and privilege to grant licenses for the use of the rights to the Picture in the Territory in any and all media, formats, gauges and languages whether known or hereafter devised (“Rights”) including, without limitation, all theatrical, home video, television, multi-media, internet, interactive, CD-Rom, allied, subsidiary and all incidental rights therein and thereto throughout the entire universe, including USA (the "Territory"). All Rights in the Picture granted in the Agreement throughout the Term in the Territory shall be held by, and in the name of Distributor. All Rights granted under this Agreement shall vest in Distributor as of the date of execution of this Agreement, are irrevocable and shall remain vested in Distributor and its successors or assigns whether this Agreement is terminated, in whole or in part, for any reason whatsoever and Owner shall not be entitled to injunctive or other equitable relief. The Picture has been produced at the sole cost, expense, and risk of Owner (or its principals). Distributor shall in no event be obligated for the cost of production of the Picture or any part thereof or any payments to third parties in connection with the production or distribution of the Picture or the cost of any of the items to be delivered hereunder unless specifically stated to the contrary. Notwithstanding the foregoing, neither Owner nor Distributor nor any of their sub-distributors and/or licensees shall permit the Picture to be released, exhibited, distributed and/or exploited over the Internet and/or worldwide web (except for advertising and promotion of the Picture, but not for as such term is customarily defined in the motion picture and internet industries) unless said release, exhibition, distribution and/or exploitation is subject to a technology that restricts access to the Picture from the Territory such that any such distribution will not encroach upon Owners’ and/or Distributor’s rights and/or impact upon Owners’ and/or Distributor’s contractual obligations to their licensees, distributors and exhibitors, and/or infringe upon any of Owners’ and/or Distributor’s rights in and to the Picture.
1.2 The Initial Term of this Agreement shall be automatically extended for an additional period of Five (5) years (the “Ext...
Grant of Rights Term