Having a key figure endorse your product is a time honored step to success. Athlete endorsements are popular as athletes identify with and appeal to all demographics.
Title: Tennessee Endorsement Agreement Between Apparel Company and Licensor of Professional Athlete — Replacing Agreement with Former Licensor Keywords: Tennessee endorsement agreement, apparel company, licensor, professional athlete, replacing agreement, former licensor Introduction: The Tennessee Endorsement Agreement is a legally binding document that establishes a partnership between an apparel company and the licensor of a professional athlete. This agreement replaces a previous contract with a former licensor, ensuring a seamless transfer of endorsement rights. Different types of Tennessee Endorsement Agreements may include exclusive, non-exclusive, or hybrid agreements. 1. Exclusive Tennessee Endorsement Agreement: The exclusive Tennessee Endorsement Agreement grants the apparel company the sole right to use the professional athlete's name, image, and likeness for promotional purposes. This means that the licensor cannot enter into similar agreements with competing apparel companies during the agreed-upon term. 2. Non-Exclusive Tennessee Endorsement Agreement: The non-exclusive Tennessee Endorsement Agreement allows multiple apparel companies to enter into endorsement agreements with the same professional athlete. The licensor can endorse various products but should ensure that the endorsement does not conflict with any exclusive agreements. 3. Hybrid Tennessee Endorsement Agreement: The hybrid Tennessee Endorsement Agreement combines elements of both exclusive and non-exclusive endorsement agreements. In this type of agreement, the licensor may grant exclusivity within a particular sector or product category while allowing endorsements for other products within non-competing sectors. Key Components of the Tennessee Endorsement Agreement: a. Term: The duration of the agreement, outlining the start and end dates. b. Scope of Endorsement: Clearly defines the rights and permissions granted to the apparel company, including the use of the athlete's name, image, likeness, logos, and trademarks. c. Compensation: Specifies the financial arrangements, such as endorsement fees, royalties, or profit-sharing mechanisms, including any guaranteed minimum payments. d. Promotion and Advertising: Outlines the promotional activities, marketing campaigns, and media platforms in which the licensor's endorsement will be used. e. Termination: Specifies the conditions and procedures for terminating the agreement and any associated penalties or termination fees. f. Confidentiality and Non-Disclosure: Establishes protocols for maintaining the privacy of confidential information shared during the endorsement agreement. g. Dispute Resolution: Specifies the method for resolving any disputes that may arise during the agreement, such as arbitration or mediation. h. Governing Law: Determines that the Tennessee state laws will govern the interpretation and enforcement of the agreement. Conclusion: The Tennessee Endorsement Agreement between the apparel company and licensor of a professional athlete replaces a previous agreement with a former licensor. It outlines the terms and conditions under which the licensor grants the apparel company rights to use the professional athlete's name, image, and likeness for promotional purposes. By understanding the different types of endorsement agreements, such as exclusive, non-exclusive, and hybrid, both parties can negotiate a mutually beneficial and comprehensive agreement.
