(a) A royalties contract entered into, issued, or renewed in this state must be in writing and signed by the parties. The contract must include at least the
(1) business proprietor's name and business address, and the name and location of each place of business of the business proprietor to which the contract applies;
(2) duration of the contract; and
(3) terms for the collection of the royalties and a rate schedule for the royalties, including any sliding scale, discount, or schedule for an increase or decrease of the rates during the term of the contract.
(b) A contract for the payment of royalties entered into, issued, or renewed in this state may not exceed one year at a time, unless the contract is under the terms of a national agreement. When each year of the contract ends, the contract is automatically renewed on the same terms and conditions unless either party to the contract provides the other party with written notice of the party's desire to terminate the contract or to change the terms and conditions. The notice must be given at least 30 days before the termination of the current term.
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