It’s important that the business arrangement between a manager and their client (artist, musician, songwriter, producer, engineer, etc) be put into writing and signed by both parties in the form of an artist management contract or music manager agreement.
Even though disasters cannot always be avoided, obligations can be made much clearer and responsibilities more easily understood with the presence of a written artist management agreement. Before you get an attorney to draft a contract for you, however, you should first take stock of what you are prepared to do with and for an artist and what you expect out of the relationship.
Sample Management Contract With Penalty Clause Philippines In North Carolina
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How to Draft an Enforceable Penalty Clause? Make sure there is a legitimate interest that is proportionate to the enforcement of the main obligation by the innocent party. Consider whether the penalty clause has an actual pre-estimation of loss. Avoid making the penalty extravagant or unconscionable.
A penalty clause is a provision in a contract that imposes a monetary or other punishment on a party for failing to fulfill specific terms of the agreement. These clauses are typically designed to deter breach of contract and to encourage parties to perform their obligations as agreed.
Contract clauses which have the effect of placing the non-breaching party in a better position than if the contract were fully performed are presumptively unenforceable because they amount to penalties; the goal of enforcing contracts is not to penalize, but to prevent loss to the non-breaching party.
While liquidated damages clauses are generally enforceable, courts do not enforce penalty clauses.
Generally, any clause included within a commercial contract which is included for the sole purpose of punishing a breaching party is deemed a 'penalty,' and is consequently unenforceable in law to the extent that it extends beyond the actual loss sustained as a result of the breach.
These clauses allow parties, at the time of contracting, to agree to their respective damages liability if they later breach. While liquidated damages clauses are generally enforceable, courts do not enforce penalty clauses.
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