The Agreement

An NIL contract for a college athlete should include several key elements to ensure that the contract is legally binding and enforceable.

1. Identification of the parties: The contract should clearly identify the parties involved, including the athlete, the company or individual that is entering into the contract with the athlete, and any other parties that may be involved (e.g. agents, representatives, etc.).

2. Description of the rights granted: The contract should clearly describe the specific rights that are being granted to the company or individual, including the use of the athlete's name, image, and likeness. The contract should also specify the duration of the rights and any restrictions or limitations on the use of the rights.

3. Compensation: The contract should specify the athlete's compensation in exchange for granting the rights. This can include a lump sum payment, a percentage of revenue, or royalties.

4. Representations and Warranties: The contract should include representations and warranties that the athlete can legally enter into the contract, that the athlete owns the rights to their name, image, and likeness, and that the athlete has not previously granted these rights to any other party.

5. Indemnification: The contract should include an indemnification provision that requires the company or individual to indemnify the athlete for any legal or financial liability that may arise from using the rights granted in the contract.

6. Termination: The contract should specify the conditions under which the contract can be terminated, such as a breach of contract by either party.

7. Governing Law: The contract should specify the governing law used to interpret and resolve disputes.

8. Compliance with NCAA rules: The contract should include a provision that requires both parties to comply with NCAA rules and regulations.