A Sample of a NIL agreement:

 

Purpose: This agreement sets forth the terms and conditions under which the Company, a sports apparel and accessories brand, will engage the Athlete, a college athlete, to promote the Company's products through the Athlete's personal brand and social media channels. This agreement is made in accordance with the new Name, Image, and Likeness (NIL) rules that allow college athletes to earn compensation for the use of their name, image, and likeness.

 

Scope: The Athlete agrees to promote the Company's products in a positive light, in accordance with the Company's guidelines, and promote the Company's brand to their followers. The Athlete will have the option to choose which products they would like to promote, and the Company will provide the Athlete with the necessary products for promotion. The Athlete will be required to create and publish content regularly, such as photos and videos, that showcase the Company's products in a positive light.

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Compensation: The Company agrees to pay the Athlete $1,000 per month for the duration of the agreement. The payment can be made through various channels such as direct deposit, check, or PayPal. The Athlete will also be eligible for additional compensation based on performance, such as increased payment for exceeding certain engagement metrics or sales figures.

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Duration: This agreement will commence on July 1, 2021, and will continue for one year unless terminated earlier by mutual agreement or as otherwise provided by law. The parties can renew the agreement for additional periods as agreed upon in writing. The Athlete will have the option to terminate the agreement with 30 days written notice.

 

Obligations of the Athlete: The Athlete agrees to promote the Company's products through their personal brand and social media channels according to the Company's guidelines. The Athlete also agrees to comply with all NCAA, state, and school-specific NIL rules and regulations. The Athlete is responsible for creating and publishing content consistent with the Company's standards and promoting the Company's products and brand in a positive light. The Athlete will also grant the Company the right to use their name, image, and likeness for promotional purposes.

 

Obligations of the Company: The Company agrees to provide the Athlete with products for personal use and promotional purposes. The Company also agrees to compensate the Athlete according to the terms of this agreement. The Company is responsible for providing the Athlete with clear guidelines on how to promote the Company's products on social media, and for monitoring the content that the Athlete publishes to ensure that it is consistent with the Company's standards. The Company will also provide the Athlete with additional promotional opportunities, such as photoshoots or events, as deemed appropriate.

 

Termination: Either party may terminate this agreement with written notice to the other party. The Athlete agrees to return any products provided by the Company upon termination of the agreement. The Company also has the right to terminate the agreement immediately if the Athlete breaches any of the terms of this agreement, such as failing to comply with the Company's guidelines or engaging in behavior that reflects poorly on the Company.

 

Governing Law: This agreement shall be governed by and construed in accordance with the laws of the state in which the Athlete attends college. The parties agree to submit to the jurisdiction of the state courts in that jurisdiction.

 

Entire Agreement: This agreement constitutes the entire agreement between the parties and supersedes all prior negotiations, understandings, and agreements between the parties. Any amendments or modifications to this agreement must be in writing and signed by both parties. The parties acknowledge that they have read and understand the terms of this agreement, and that they have had the opportunity to seek legal counsel before signing.