The Founders’ Sculpture Prize 2010/2011 - Prize Rules
5. Legal and Insurance
Title, possession, copyright and further casts of the Prize Sculpture
Title to, and possession of, the Prize Cast shall belong to and remain with The Worshipful Company of Founders as the trustee of the Prize (hereafter “the Trustee”).
The Trustee shall have indefinite licence to display the Prize Cast and its precedent drawings and maquette(s), and to lend the Prize Cast, drawings and maquette(s) to third parties for display, and to reproduce and distribute photographic representations of the Prize Cast, drawings and maquette(s), in each such case on a non-profit-making basis, without payment to the Winner and otherwise in such manner as the Trustee shall determine in its absolute discretion.
As between the Trustee and the Winner, the Winner shall be at liberty to seek to procure, at his or her entire expense, not more than six (five edition numbers 2 to 6, plus one artist’s cast) further casts of the Prize Sculpture, for disposal at the Winner’s discretion and without reference to the Trustee. Zahra Modern Art Foundries will be willing to be engaged in the making of any such casts, but the choice of founder will remain a matter for the Winner’s discretion.
In all other respects, and subject to the foregoing limitations, unrestricted copyright in the Prize Sculpture shall remain vested in the Winner.
Title, possession and copyright of Winner’s drawings and maquettes
The foregoing provisions relating to title, possession and copyright shall also apply to the drawings and maquette(s) previously submitted by the Winner, but in respect of the maquette(s) no casts shall be made
Insurance
Unless otherwise agreed in writing by the Prize Administrator, the insurance of all drawings and maquettes, and of the Prize Sculpture, the Prize Cast and any related moulds, shall at all times remain the sole responsibility of the relevant Finalists, and any loss or damage caused to any such artefacts by any normal insurable risks shall be at the sole risk of the relevant Finalists
If Zahra Modern Art Foundries (at its absolute discretion) shall agree in writing to accept responsibility for the insurance of either or both of the Prize Sculpture and the Prize Cast, the Winner acknowledges that any such insurance shall be limited (a) in value to the cost of reinstatement of the relevant item (and therefore shall exclude any greater artistic, intrinsic or other premium value attributable thereto) and (b) in time to the period during which Zahra Modern Art Foundries shall retain possession of the said artefacts (actual or putative) for the casting contemplated by this Prize
Tax
All Prize sums will be paid gross (unless otherwise required by law), to the intent that any tax payable thereon (including but not by way of limitation any Value Added Tax) will be the responsibility of the recipient of the payment