Sample NIL Release Agreement

This template can be tailored to the specific needs.

Here’s a basic outline of a NIL (Name, Image, and Likeness) Release Agreement. This template can be tailored to the specific needs of your business, such as the creation of NFTs for NFT-tradingcards.biz. Always consult with a legal professional to ensure compliance with relevant laws.

NIL RELEASE AGREEMENT

This NIL Release Agreement (“Agreement”) is made and entered into on this [Date] by and between:

1. Company Name, Agent or Organization
Address: [Company Address]
(Hereinafter referred to as “Company”)

AND

2. [Athlete’s Full Name]
Address: [Athlete’s Address]
(Hereinafter referred to as “Athlete”)

1. Grant of Rights

The Athlete hereby grants to the Company the worldwide, non-exclusive right to use the Athlete’s name, image, likeness, signature, and other identifiable characteristics (“NIL Rights”) for the purpose of creating, distributing, and selling digital assets, specifically non-fungible tokens (“NFTs”), and for associated promotional activities.

2. Scope of Use

The Athlete agrees that their NIL Rights may be used by the Company for:

Creation of digital assets (NFTs) featuring the Athlete.
Marketing and promotional campaigns for the sale of NFTs.
Distribution and sale of NFTs across various platforms and marketplaces.

The Company may reproduce, publish, distribute, and publicly display the Athlete’s NIL Rights in digital formats and through any media outlets including, but not limited to, social media, websites, and third-party platforms.

3. Compensation

In consideration for the grant of NIL Rights, the Company agrees to compensate the Athlete as follows:

A royalty of [X]% of the gross revenue generated from the initial sale of NFTs featuring the Athlete.
A royalty of [X]% of the gross revenue generated from any secondary market sales or resales of the NFTs.

Payment will be made to the Athlete within [Number] days after the conclusion of each applicable sale or resale.

4. Term and Termination

This Agreement will commence on the date signed and will remain in effect for a period of [Number] years, unless terminated earlier as provided below:

Either party may terminate this Agreement by providing [Number] days’ written notice to the other party.
Upon termination, the Company shall cease all use of the Athlete’s NIL Rights for any future projects but shall retain the right to continue selling and distributing any existing NFTs already created under this Agreement.

5. Exclusivity

[Select One:

This Agreement does not grant exclusivity, and the Athlete retains the right to license their NIL Rights to other entities.
This Agreement grants exclusive NIL rights to the Company, and the Athlete agrees not to license their NIL Rights to any other entities for the duration of this Agreement.]

6. Representations and Warranties

The Athlete represents and warrants that:

They own all rights to their NIL and have the full legal authority to enter into this Agreement.
The use of their NIL Rights by the Company does not infringe on the rights of any third party.

The Company represents and warrants that:

It will use the Athlete’s NIL Rights in a lawful manner and in accordance with the terms of this Agreement.
It will take reasonable steps to protect the integrity and value of the Athlete’s brand.

7. Indemnification

The Athlete agrees to indemnify and hold harmless the Company from any claims, damages, or liabilities arising out of the Company’s use of the Athlete’s NIL Rights in accordance with this Agreement.

The Company agrees to indemnify and hold harmless the Athlete from any claims, damages, or liabilities arising out of any unauthorized use of the Athlete’s NIL Rights.

8. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the state of [State], without regard to its conflict of law provisions.

9. Miscellaneous

Entire Agreement: This Agreement constitutes the entire understanding between the parties with respect to the subject matter hereof and supersedes all prior agreements, discussions, or understandings.
Amendments: Any amendments or modifications to this Agreement must be made in writing and signed by both parties.
Severability: If any provision of this Agreement is found to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

Company Representative:
Name: ____________________
Signature: ________________
Date: _____________________

Athlete:
Name: ____________________
Signature: ________________
Date: _____________________

This template provides a foundation for an NIL Release Agreement, but be sure to adjust specific details like royalties, term, and exclusivity based on your business model and the athlete’s preferences.