By David Salazar ( | First Posted: May 25, 2012 01:17 PM EDT

(Photo : REUTERS/Kim Kyung-Hoon)

According to a recent 27-pag contract between Bungie and Activision, Bungie's next game is set to release a game entitled "Destiny" as an exclusive on Xbox 360 and its successor, the commonly named "Xbox 720", in the fall of 2013.

The contract, published in the Los Angeles Times, states that Bungie will create four "sci-fantasy, action shooter games" in the "Destiny" series. They will be released every other year starting in 2013. Additionally, Bungie will make four downloadable expansion packs, codenamed "Comet," every other year from 2014-2020.

The contract also indicates that while the first game would be a Microsoft exclusive, subsequent games in the franchise will be released on the Sony Playstation 3's successor, and the PC.

According to the contract, Bungie would be entitled to royalties ranging from 20% to 35% of "operating income," the amount left over after Activision deducts its costs, including development, production and marketing expenses. The Seattle Times has this sum ranging up to $140 million.

Activision would also pay Bungie $2.5 million a year in bonuses between 2010-2013 if the company meets certain budget and quality milestones, with another $2.5 awarded if the first" Destiny" title scores a 90% or higher on aggregate site, This contract was signed on April 16, 2010.

Microsoft has not said when the next version of the Xbox will go on sale but the contract suggests that it could happen in the 2013 holiday season, with "Destiny" as a key launch title. The Xbox 360 was released in 2005, four years after its predecessor started the platform franchise.

Additionally, the contract makes reference to a title for the Playstation 3's successor. A game called "Comet #2" has been listed for a launch window of 2016, with "Comet #1" planned for release in 2014 on the PS3. The Playstation 3 was released in 2006 and its predecessor, the Playstation 2 was released in 2000.

The contract also discloses that Bungie is currently working on a version of its early hit "Marathon," a first-person sci-fi thriller.

Bungie Inc. is located in Bellevue, Washington. The video game developer was acquired in 2000 by Microsoft and created hit title "Halo:Combat Evolved" to launch with the Xbox. The company would go on to produce two sequels in the hit-selling franchise before breaking from Microsoft in 2007 and establishing itself as an LLC. 

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