One of the most exciting things as an up and coming band is when you finally get that record label contract come through on the fax machine or via email. It’s like a freeze frame moment in time that you’d love to stay in forever. A true sense of achievement is felt.
However the whole thing could be lost forever if you fail to take the following advice
I remember the first time, this moment happened for me, I got an email from the record label we were talking with and I was really excited.
However, from that moment on, there needs to be a very clear well thought out process that takes place with your lawyer and their lawyers to make sure you don’t get screwed or badly done by.
It generally depends on the type of label your dealing, but a record label contract can either commit you and your band to further success and will work in your favor or it can drive you crazy and corner you until you have absolutely no control or power anymore.
To ensure that the latter doesn’t happen, I would highly recommend the following tip before any long form contract is actually drafted.
Creation of a Heads Of Agreement
If you have ever read over any long form record label contract, you’ll notice that they are long, boring and extremely confusing. However inside all that mess are about ten or so points that actually matter the most.
The smartest way to begin negotiating any deal is to draw out the main points and agree on them first. These points would include -
- Main definitions
- Main terms
- Recording commitments
- Royalty rates
- Creative control
- Album budgets
- Tour support
- Advances
- Termination
- Artist rights
There are some more however once you can nut these main points out between your band and your lawyer, you will begin to see how far you can push the label and what sort of future investment and relationship they wish to build with you quite clearly.
If you go down the path of a long form agreement straight away, it’s likely that the laywers will have a field day at your expense and you’ll get caught up on points that have no real relevance at the end of the day.
Coming to terms with the label on a heads of agreement before you go through the typical long form record label contract is without doubt the way to start any record label contract forward.
In the long run whether you sign or not, at least you’ll understand what the main terms of the contract actually are.
Click here to leave Record Label Contract and Return HOME
Tags: Record Labels
You can leave a response, or trackback from your own site.
