59.1-462 - Royalty contract requirements.
§ 59.1-462. Royalty contract requirements.
Every contract for the payment of royalties between a proprietor and aperforming rights society executed, issued or renewed in the Commonwealth onor after July 1, 1995, shall be:
1. In writing;
2. Signed by the parties;
3. Written to include, at a minimum, the following information:
a. The proprietor's name and business address and the name and location ofeach place of business to which the contract applies;
b. The name of the performing rights society;
c. The duration of the contract; and
d. The schedule of rates and terms of the royalties to be collected under thecontract, including any sliding scale or schedule for any increase ordecrease of such rates for the duration of the contract.
(1995, c. 648.)