Generally, to be legally valid, most contracts must contain two elements: All parties must agree about an offer made by one party and accepted by the other. Something of value must be exchanged for something else of value.
Contracts like an artist agreement help avoid miscommunications and confusion over the rights and responsibilities of both parties involved. Artist agreements typically include availability expectations, performance markers, and licensing or ownership rights of the works created during the partnership.
exclusive agreement gives parties the freedom to form similar arrangements with multiple entities. Unlike exclusive contracts that lock you into working with just one partner, nonexclusive agreements open doors to numerous business relationships.
Like its name suggests, an exclusive contract is one that restricts a party from providing the same goods/services to others for a specified period of time. This can also be applied in the context where a company obtains exclusive rights and agrees to do business exclusively with another company.
(a) The artist will be bound to the label for a specified period to produce an album (or single or EP.) as well as be forbidden from working with other labels. (b) The label will exclusively own the copyright to those songs for the duration of copyright (or an agreed shorter period –often called 'Rights Period').
A copyright exclusive license is one in which ownership in one or more of the copyright owner's rights is transferred by the copyright owner to a third party. A copyright nonexclusive license occurs when the owner retains ownership of the copyright and retains the right to license the same right to others.