A contract for the payment of royalties executed in this state shall:
(a) Be in writing.
Terms Used In California Business and Professions Code 21752
- Contract: A legal written agreement that becomes binding when signed.
- State: means the State of California, unless applied to the different parts of the United States. See California Business and Professions Code 21
(b) Be signed by the parties.
(c) Include at least the following information:
(1) The proprietor’s name and business address.
(2) The name and location of each place of business to which the contract applies.
(3) The duration of the contract.
(4) The schedule of rates and terms of the royalties to be collected under the contract, including any sliding scale or schedule for any increase or decrease of those rates for the duration of that contract.
(Added by Stats. 1996, Ch. 340, Sec. 2. Effective January 1, 1997.)