After a contentious standoff in the COSON v. BON /IBAN fight, NBC helps put an end to the dispute. It has also issued pronouncements which you can read below. NBC’s mediator role was led by AML reader Emeka Mba. Congratulations to all for seeing the bigger picture and getting back to the business of music.
Some key provisions as reflected on the picture below are as follows:
1. BON & IBAN recognize that they have a duty to pay copyright royalties.
2. They will honor those legal duties.
3. They will make those payments to COSON, obviously because COSON has acquired the legal right to act in behalf of the artists.
4. They will keep a clear record of payments made.
5. A neutral body consisting of members from NBC, NCC, COSON, BON/IBAN will be established to review royalty tariffs and ensure they equitable. (This was a key point I have suggested here on AML this issue). It is good to see the parties were thinking along the same lines and have implemented this.
6. The ban should be suspended to move the deal struck forward.
7. The agreement entered into by all will become binding in 90days post the issuance of the pronouncements below.
Good look people. It is going to be a good year, I think.
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