Need this clause interpreted:
The term of this agreement will be one (1) year as the above-dated agreement. The Artist hereby grants to the Commercial Agent two (2) irrevocable consecutive options to extend the term of this agreement for two (2) periods of one (1) year each upon all the terms and conditions thereof. Notwithstanding the foregoing, in the event that Artist has not, during the Initial Period secured a recording agreement with a major label or with a production company or independent label distributed by a major distribution company or a major label in the U.K / U.S. Said options shall be exercised automatically unless ninety (90) days prior to the end of the current the then term the Commercial Agent gives the Artist written notice to the contrary.
Can the artist exit after one year or does the contract auto-renew? What is the minimum term the artist can stay in contract for?
Sorry, just so i'm clear. If the artist has a recording contract and the Agent gives notice of extension does the artist have any say or is the contract auto-extended?
Sorry I'm not clear, just so I understand.
The agent is entitled to extend does he need permission from the artist to do this? If at the end of the 1st year the agent wants to extend and the artist doesn't, does this terminate the agreement?