Contract 😰
What is a contract?
An agreement that the court will enforce
What are “(Phonograph) Records”?
All forms of reproduction, transmission, communication, or distribution, including reproductions of sound alone, or sound accompanied by visual images.
How long does a work for hire copyright last?
95 years from the date of publication or 120 years from the date of creation
What is Law?
Rule or code of conduct
A mechanism for controlling behavior
A process for dealing with disputes
Also referred to as?
"Multiple Rights Deals"
What is a term?
A duration of time
What is an “Album”?
Body of work that features no less than 10 Masters, each being minimum 3 minutes, and an aggregate of no less than 50 minutes.
What is a compulsory license?
Label must issue a license to those who want to use their work, whether they like it or not
What is a precedent?
A judicial system, using the experience of previous specific cases to construe statues and circumstance-fitting penalties
What percentage of income does the label want?
Around 20-30%
What is an “Advance”?
Lump sums of money (usually cash) given to an artist when they sign a record deal that is used exclusively for the creation of an album
What are “Master Recordings”?
Every form of recording, embodying sound, or sound accompanied by visual images.
What is a “waiver of exclusivity”?
When an artist wants to work with another artist from a different record label
Artist must sign waiver of exclusivity since they are only exclusive to their contract/label
What is a code system?
A pre-written system of laws designed to be already decided upon, including penalties
What falls under the 360 deal of which the label can generate revenue from?
Digital / streaming revenue
Live performance and touring
Merchandise
TV, movie, and video game licensing
Songwriting publishing
Everything else
What are the three elements of a contract?
Offer, Acceptance, & Consideration
What are “Masters”?
Body of work embodying your performances as the sole featured artist
What are the rights included with a copyright?
Reproduce the work
Distribute copies of the work
Perform the work publicly
Make a derivative work
Display the work publicly
What is the difference between effective & efficiency?
Being effective means leading to the expected results; Being adequate.
Being efficient means performing or functioning in the best possible manner with the least waste of time and effort.
What is the difference between an active and a passive interest?
Active interest is when a party actively seeks out a deal
What is the “Initial Period”?
The first term during which you shall provide your exclusive recording services to the record label
What is the “SRLP”?
The recommended retail value of such Record
What are mechanical royalties?
The monies paid to copyright owners for the manufacture rights to reproduce songs in records
What are the limitations of a legal system?
Language
Changing conditions
Transactional costs
Bureaucratic issues of self perpetuation
Continued agreement as to legitimacy
Predictability
What are “Other Entertainment Services”?
Any and all entertainment industry activity that does not constitute the sale and/or exploitation of Records