Advertising Agency Agreement Relating to Speculative Work can be defined as an Agreement between the advertising agency and the advertiser, where, all rights to the speculative work created by the Ad. Agency is assigned to the advertiser for their uses. In return the Advertiser agrees to pay the Agency certain amount for their speculative advertising work.
It is common in advertising field and among designers to opt for speculative campaigns, where the Agency creates the advertising works and Advertiser selects from the creations of the Agency. Such Advertisement creations are generally followed by new entrants or less experienced designers, who due to lower volume of work or to prove their competency, create advertisements or designs for the more popular brands and try to prove their competency in advertising field.
But, such Speculative Advertising also bears numerous risks for the designers. The designer may present the designs, ideas or campaigns for the selection of the advertiser or client. If the advertiser find specific design or ideas suited to his business or marketing, he may go to another cheap designer to process the design or ideas for his advertisements. Though, it is against the law but without proper Agreement, the designer is at loss to prove that, the work is his creation and he/she is the sure looser.
These reasons make it necessary for an Advertising Agency Agreement Relating to Speculative Work, where in exchange of specific monetary consideration, the work of the Agency is assigned to the Advertiser. The Agency benefits with the monetary gain.
You can also assign your Advertisement work to the advertiser or client by printing, below given Speculative Work Advertisement Agency Agreement template:
.Advertising Agency Agreement
Relating to Speculative Work
THIS AGREEMENT made as of ______day, _______mm/ 20xx [Date of Agreement] by and between __________________
[Name of Advertiser] of ________________[Address of
Advertiser] and ____________________ [Name of Advertising
Agency] of___________________[Address of Advertising Agency].
WHEREAS:
(A)
the Agency has been requested by the Advertiser to present creative materials (the"Materials") for consideration by the Advertiser, and the Advertiser desires to consider the Materials for use in its advertising and marketing plans; and
(B)
the Advertiser and the Agency desire to set forth the rights of ownership and rights to use the Materials;
NOW THEREFORE in consideration of the recitals, the mutual covenants hereinafter set forth,
and
for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows::
1. The Agency hereby assigns and transfers to the Advertiser all its right, title and interests in and to the Materials, including all rights of ownership and rights of use of the Materials, and agrees that from and after the date of this Agreement, the Materials will be the sole and exclusive property of the Advertiser and the Advertiser will be free to use the Materials without the further consent of or compensation to the Agency.
The Agency agrees that it will not make any further use whatsoever of the Materials without the expressed written consent of the Advertiser, other than that portion of the Materials which are in the public domain.
2. The Advertiser agrees to pay to the Agency, within ten (10) days following the
presentation of the Materials by the Agency to the Advertiser, the aggregate of the
following amounts:
(a)
all of the Agency’s costs and expenses related to the presentation of the Materials to the Advertiser, in the amount of $________________[Specify Amount of Costs and Expenses]; and
(b)
a Creative Fee of $__________________[Specify amount of Creative Fee].
3. The Agency agrees to execute such further documents as the Advertiser may require in order to transfer any rights of ownership in the Materials to the Advertiser.
4. The Agency warrants and represents that the Materials are free and clear of any claims by third parties and that it has full right and authority to transfer ownership of the Materials to the Advertiser. If there are any restrictions on Advertiser’s use or ownership of the Materials, Agency will notify the Advertiser at the time of presentation. Any such limitations so noticed will not be subject to this warranty or representation.
5. In the event the Agency breaches any warranty or representation made by the Agency contained in this Agreement, the Agency agrees to indemnify and hold the Advertiser harmless from and against any costs, expenses, attorney’s fees or other damages that may be incurred by the Advertiser on account of such breach.
6. This Agreement is sets forth the entire agreement between the parties relating to the subject matter hereof and stands in the place of any previous agreement, whether oral or in writing.
The parties agree that no amendment to this Agreement shall be binding upon
the parties unless it is in writing and executed by both parties.
7. This Agreement shall ensure to the benefit of and be binding upon the respective heirs, executors, administrators and assigns of each of the parties hereto.
IN WITNESS WHEREOF the parties have set their respective signatures on the day and date first noted above
(Name of the Advertiser)______________________________
Name of the Agency)_________________________________