5.  A contract between a performing rights society and a proprietor for the payment of royalties shall be offered for a term of one year, but the parties may agree to contract for a term other than one year.  The provisions of this section shall not apply to a contract for a term  negotiated between a performing rights society and a bona fide national trade association representing a substantial percentage of proprietors of the same type.

   L.1996,c.122,s.5.

Terms Used In New Jersey Statutes 56:3A-5

  • Contract: A legal written agreement that becomes binding when signed.