A contract for the payment of royalties executed in this state shall:
(a)
Be in writing.
(b)
Be signed by the parties.
(c)
Include at least the following information:
(1)
The proprietor’s name and business address.
(2)
The name and location of each place of business to which the contract applies.
(3)
The duration of the contract.
(4)
The schedule of rates and terms of the royalties to be collected under the contract, including any sliding scale or schedule for any increase or decrease of those rates for the duration of that contract.