Release Agreement of Name, Image, and Likeness
1. License, Use, and Limitations
a. Grant of License: The Athlete hereby grants College Street Collective (CSC) a non-exclusive license to use the Athlete’s Name, Image, and Likeness (collectively, “NIL”), including their full name, photographs, and video likeness, solely for the purpose of promoting CSC apparel and accessory in advertisements and on product packaging.
b. Term of Use: The term of use for CSC to use an athlete’s name is valid till the athlete terminates the agreement.
c. Release Agreement: This document allows CSC to fairly compensate a player from the profits that an athletes custom gear makes (under the conditions of 3ii. and 3iv.). This gives the opportunity for an athlete to earn a commission through the sale of their custom apparel/products.
2. Company Duties and Obligations
a. Payment and Compensation:
i. Company shall pay Athlete within 30 days or within the following calendar month of receiving confirmation of a sale under an athlete’s NIL product.
ii. For an athlete to receive compensation for a sale of a product, the product must be designated under their “store/name”.
iii. An athlete will be paid a percentage of the profit of any sales under the athletes NIL product and/or accessories. The amount will be determined to the athlete in a percentage or dollar amount before products are released. The percent of profit to the athlete may change at any time.
iv. If a sale of an athlete’s custom product does not make any profit sufficient enough for both CSC and the player for any reason, CSC does not need to pay out to the player.
3. Termination
a. Either party may terminate this Agreement for any reason at any time by providing 14 days written notice to the other party.
4. Miscellaneous
a. Independent Contract Relationship: Athlete shall be considered an independent contractor. Nothing in this Agreement shall be construed as establishing an employer/employee relationship. Athlete shall be solely responsible for the payment of all income taxes on the compensation received pursuant to this Agreement.
b. Entire Agreement: This Agreement constitutes the entire understanding between the Athlete and Company and cannot be altered or modified except by an agreement in writing signed by both parties. Upon its execution, this Agreement shall supersede all prior negotiations, understandings and agreements, whether oral or written, and such prior agreements shall thereupon be null and void and without further legal effect.