As a result of Activision's litigation with Infinity Ward over CoD, Activision's contract with Bunge was made public:
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The two companies first announced a 10-year publishing agreement in 2010, but this newly-revealed contract -- available via the LA Times website -- reveals that Bungie has agreed to develop four "massively-multiplayer-style...sci-fantasy, action shooter games." The first title is due to launch in fall 2013, with subsequent releases following every other year.
While it may have been amended since it was initially put into effect, the contract also notes that Bungie would be entitled to $2.5 million in bonuses per year if it meets its budget and quality milestones. The developer would receive an additional $2.5 million if the first "Destiny" game receives a score of 90 or higher on the review aggregate site GameRankings.com.
Meanwhile, Activision has the option to terminate the deal altogether under a number of difference circumstances. For instance, the publisher can void the contract without penalty if the first "Destiny" game does not sell 5 million units in its first six months, or it can walk away at any point after the second expansion pack releases.
I haven't read all the details, but seems like a surprisingly harsh deal for Bungie, given their track record. Activision has quite a few easy outs outs in this contract.