diff --git a/_subsections/music-production-company/v10-understand_contracts.org b/_subsections/music-production-company/v10-understand_contracts.org index cc0cc43..fbb2384 100644 --- a/_subsections/music-production-company/v10-understand_contracts.org +++ b/_subsections/music-production-company/v10-understand_contracts.org @@ -21,3 +21,87 @@ ** refresher on copyrights [[file:../../music_legal_basics.org::#copyrights-explained][Copyrights Explained]] + +** purpose of a contract + 1. establish a business relationship between two parties + 2. define the rights and responsibilities between each party + 3. split the profits between each party + +*** purpose who, what +- who is the contract between +- what is it for + +*** exclusivity +- is it exclusive to the party we are signing to + - are we forbidden from doing this kind of business with anyone else + - incentivizes one party to work hard +- or is it non exclusive + - lets you move about the chessboard freely + +*** the term (length of time) +- how long is it going to be +- optional renewal period + - if one party didn't do their job, but they renew it is a problem + - has to be written correctly + +*** territory (geographic) +- local +- worldwide + +** what rights are you giving up +- understand what you are agreeing to + +** advances / royalties +- these are advances on the projected sales that the side thinks the artist can make + +*** things for the artist to consider +- how much advanced +- how much must be repaid +- what percentage of projected earnings is the artist gaining +- when must it be repaid +- how can it be repaid + +*** royalties +- what is his cut +- of this how much must be given back to the advance +- when will he receive the royalties +- how will it be paid + +** warranty +- what can I not be a part of +- what must I not be doing +- we also have to confirm that the receiver will not be crossing lines with another contract + +** attorney +*** when to get an attorney +- too involved +- seems sketchy +- too complicated +- any disputes + - any breaches +- any amount over $2000 + - ESPECIALLY when its going somewhere + +*** where to get an attorney +- linked in +- music functions + +*** breaching contract +- speak to an attorney and tell them you have a problem with the contract and want to find an exit + +- if there is no exit, find out what the consequences are of breaching the contract + +** final words +- find a producer contract and learn how to read it +- find a split sheet and learn it +- learn how to read a basic record deal (360 deal) + +** structure of contract + +*** top of contract must have +- purpose +- exclusivity +- term +- territory + +*** you don't want that buried