On July 22, 1975, MITS signed a contract for the Altair BASIC with Bill Gates and Paul Allen. They received $3,000 at signing and a royalty for each copy of BASIC sold, with a cap of $180,000. MITS received an exclusive worldwide license to the program for 10 years. They also had exclusive rights to sublicense the program to other companies and agreed to use its "best efforts" to license, promote and commercialize the program. MITS would supply the computer time necessary for development on a PDP-10 owned by the Albuquerque school district.