It is a legal agreement that binds the Artist and the Company to fulfill all the terms and conditions contained in it. All Individual Artist Agreements must be in compliance with the respective Collective Bargaining Agreement.
The Side Artist Recording Agreement is a contract used when a record label, artist, or producer hires a musician or singer not part of the artist's group or band to perform on an artist's recording.
A side agreement, sometimes called a side letter, or a side letter arrangement is an agreement that coincides with but is not part of a primary contract. Side agreements are often used for: Contingency agreements for a contract. To clarify issues within a contract.
Suppose you agree to rent an apartment. The lease agreement you sign with the landlord is the main contract. However, your landlord promises to fix the toilet drainage. Therefore, this is the collateral contract.
Examples of collateral documents are a security agreement, guarantee and collateral agreement, pledge agreement, deposit account control agreement, securities account control agreement, mortgage, and UCC-1s.
One of the main purposes of a collateral agreement is to reduce the credit risk of the parties involved in a financial transaction. Credit risk is the risk of loss due to the default or deterioration of the creditworthiness of a counterparty.
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.