Sec. 2. A contract executed, issued, or renewed in Indiana between a performing rights society and a proprietor must be in a writing signed by the parties and must include the following information:
(1) The name and business address of the proprietor.
(2) The name and address of the performing rights society.
(3) The name and location of each place of business to which the contract applies.
(4) The duration of the contract.
(5) The schedule of rates and terms of the royalties to be collected under the contract, including, if applicable, the sliding scale or schedule or the increase or decrease of the rates during the term of the contract.