Contract help - Page 2

dystopiate · #21 01-16-2013, 07:59 PM

Honestly, you need an entertainment attorney to look at the contract and do the negotiating on your behalf... unless you already realize that the contract is garbage. As my attorney once said, "It's not just what's in there that'll haunt you; it's what isn't in there."

Tell them you need to send it to an attorney. If they balk at that idea you should walk away. Put aside the cash. I once paid over $500/hr for a contract. In the end, I never signed it. To this day am glad I spent the money.

Pills Are Yummy · #22 01-16-2013, 09:51 PM

To clarify, the reason i would be devastated is because after i payed the lawyer and he says "dont do it" i will be completely broke, not because i didnt get the label....trust me, i have no qualms telling them to ram the contract 3 feet into their behind

two fingers · #23 01-16-2013, 10:13 PM

You would also be devastated if language in a contract that you don't understand ends up leaving you broke while some executive makes a gagillion dollars off of your material.

I don't know you. I don't know your situation. But this situation is universal. ALWAYS have an attorney look over ANY contract that could affect the rest of your life or one that involves (even potentially) large amounts of money. Period. Not doing so would be stupid....... really stupid.

By the way, congrats on getting even an offer.

But get an attorney!

SquierJazz72 · #24 01-16-2013, 10:58 PM

I have to agree, best thing is get a lawyer with experience in this.
Why the high pressure to have you sign something so fast, almost like they don't really want you to have the time to look it over, or understand it. Personally, that would make me very nervous.

Munjibunga · #25 01-17-2013, 12:43 AM

Quote:

Originally Posted by Pills Are Yummy

To clarify, the reason i would be devastated is because after i payed the lawyer and he says "dont do it" i will be completely broke, not because i didnt get the label....trust me, i have no qualms telling them to ram the contract 3 feet into their behind

If you don't get it reviewed,
You definitely will be screwed.

vishuddha · #26 01-17-2013, 12:47 AM

Yeah, there's really no good reason for them to give you a quick deadline like that. I'd ask for an extension so I can have it looked at... if they say no, that's a HUGE red flag, and it's time to walk.

Frankly, you should be offended that they think you are dumb enough to sign a contract without enough time to have it checked out. I'd be pissed. It's up there with flat out calling you an idiot, in my book.

Rockin Mike · #27 01-17-2013, 12:57 AM

There's no real reason for the 2-day limit. It's the same reason used car lots advertise "Special 2 Day Sale - Buy Now!" They want you to make an impulsive decision without taking the time to think about it.

Record contracts don't mean the same thing they used to in the Golden Age. Nowadays everybody and his dog is signed. A real music attorney can make sure you get your fair percentage, but more importantly that the money you make for the label is reinvested into promotion and distribution for your band, not reallocated to pump up some other band.

Rockin Mike · #28 01-17-2013, 12:59 AM

Quote:

Originally Posted by vishuddha

Yeah, there's really no good reason for them to give you a quick deadline like that. I'd ask for an extension so I can have it looked at... if they say no, that's a HUGE red flag, and it's time to walk.

Frankly, you should be offended that they think you are dumb enough to sign a contract without enough time to have it checked out. I'd be pissed. It's up there with flat out calling you an idiot, in my book.

^^this

and it also sets the tone for future discussions. Once you have bent over and accepted whatever deal they want to stick you with, you'll have a very hard time standing your ground the next time. Word gets around too, so every other shark in the business will know you're easy prey.

dystopiate · #29 01-17-2013, 06:44 AM

I should have mentioned, you can also ask them to draw up a short (probably less than a page), plain language "intent" form, stating lack of time to review the long-form as your reason. This letter of intent should state the basic nature of the agreement they are looking to enter (e.g., exclusive, 18 month, 1 album, 2 options, etc.), but doesn't mention the more serious details. Even this should be looked over by an attorney, but can probably be handled fairly cheaply.

You can then use the grace period set forward in the letter of intent (probably 30 days) to raise some funds (shows, day job, fans, friends, kickstarter, indigogo, etc) for the review of the long-form.

The letter of intent is basically a good faith agreement that you want to work together, but that negotiation over the final details is still up in the air, and so the deal may still fall through. Many smaller labels will begin some basic footwork with you during the grace period if they think you're serious.

That said, CALL A LAWYER! He/she may even be able to get his legal fees put in as an advance, so it won't cost you anything up front and will only ever cost you money if you start making some. The first call won't cost you anything.