Name, Image, and Likeness (NIL) Agreement

This Agreement, known as the Name, Image, and Likeness Agreement (also referred to as the "NIL" Agreement), takes effect beginning on the 12th day of May, in the year 2056, a date which shall hereby be acknowledged as the "Effective Date". The aforementioned Agreement is mutually entered into by two parties, specifically identified as the Grantor and the Grantee.

1. PARTIES

For this Agreement, hereinafter referred to as the "Grantor" and the "Grantee" are defined as follows:

Grantor: The "Grantor" refers to the individual providing their name, image, and likeness for commercial use. Typically, the Grantor is a professional athlete, renowned actor, or fashion model. These individuals possess a public persona that holds commercial value, often due to their achievements, popularity, or public recognition.

Grantee: The "Grantee" refers to the entity seeking permission to use the Grantor's name, image, and likeness for commercial purposes. The Grantee can be a sports equipment manufacturer, beverage brand, or marketing agency. These entities aim to leverage the fame or recognition associated with the Grantor's name, image, and likeness to promote their products, services, or brand.

2. GRANT OF RIGHTS

The Grantor hereby grants the Grantee a limited, non-exclusive, revocable right and license to use the Grantor's name, image, and likeness exclusively for commercial purposes related to the Grantee's business. This includes, but is not limited to:

Merchandise Deals: The right to use the Grantor's name, image, and likeness on products such as clothing, accessories, or other merchandise items.
Sponsorships: The ability to feature the Grantor in marketing materials, advertisements, or promotional campaigns as a sponsored individual or representative of the Grantee's brand.
Endorsements: Permission to publicly endorse or recommend the Grantee's products, services, or brand through various media channels, including print, digital, or broadcast media.
Promotional Activities: The opportunity to involve the Grantor in promotional events, appearances, or activities aimed at promoting the Grantee's business, products, or services.

3. COMPENSATION

In consideration of the rights granted herein, the Grantee agrees to pay the Grantor a one-time fee of [AMOUNT], payable within thirty (30) days of the execution of this Agreement, unless otherwise agreed to in writing by the parties.

4. REPRESENTATIONS AND WARRANTIES

The individual or entity that is providing the grant hereby declares and guarantees the following:

They have the full authority to enter into this Agreement and grant the rights specified herein.
There is no outstanding agreement, obligation, or legal impediment preventing them from entering into this Agreement.
The Grantee's use of the name, image, and likeness as permitted by this Agreement will not infringe upon the rights of any third party.

5. INDEMNIFICATION AND LIMITATION OF LIABILITY

Each party involved in this agreement agrees to:

Defend: Take appropriate legal action to protect the interests of the other party and its officers, directors, agents, affiliates, and employees.
Indemnify: Compensate the other party and its officers, directors, agents, affiliates, and employees for any claims, damages, costs, or losses incurred as a result of their breach of the representations and warranties made in this Agreement.
Hold Harmless: Ensure that the other party and its officers, directors, agents, affiliates, and employees are not held responsible or liable for any claims, damages, costs, or losses arising from their breach of the representations and warranties made in this Agreement.

6. TERMINATION

This Agreement may be terminated by either party if the other party commits a breach of any significant provision of this Agreement, and fails to correct such breach. The party that wishes to terminate must give written notice. The party that has committed the breach will have a grace period of thirty (30) days from the receipt of the written notice to rectify the breach before the termination can take effect.

7. GOVERNING LAW

This Agreement shall be subjected to, overseen, and interpreted according to the legislations and judicial system that are established within the geographical boundaries of the State of [STATE].

8. CONFIDENTIALITY

Any information that is exchanged through, or under the conditions of, this Agreement will continue to remain in a strict bond of confidentiality unless there arises a situation where it is legally mandated or necessary to disclose such pieces of information.

9. ENTIRE AGREEMENT

This Agreement constitutes the entire understanding between the parties and supersedes all prior agreements, whether oral or written, relating to the subject matter herein.

IN WITNESS WHEREOF, the parties have executed this Name, Image, and Likeness Agreement as of the Effective Date stated above.

[GRANTOR'S NAME]

[DATE SIGNED]

[GRANTEE'S NAME]

[DATE SIGNED]