Music Contracts# 1
Legally binding assurances made by an artist that they have the right to sign, the music is original, and does not infringe on third-party rights.
What are Artist warranties and representations made in a recording agreement
Updates and modifications signed by both parties that alter a term or terms of their existing contract-leaving the original agreement mostly intact.
What is an amendment?
Short, preliminary contract or summary document outlining the main terms of an agreement
What is a Deal Memo ?
The number of master recordings that an artist has to deliver during each contract period
What is the Delivery Commitment in a Recording Contract ?
Guides and oversees the creative and business aspects of an artist's career and receives 15%-25% of artist's gross or adjusted gross income
What is an Artist Manager?
Agreement that allows copyrighted music to be used/paired with visual media such as film, TV ads or video games
What is a Synchronization License?
When two labels enter into an agreement to make, market, distribute and sell records; share in the rights, profits and losses
What is a Record Label Joint Venture Agreement ?
A new offer that rejects or materially changes the terms of the original offer.
What is a counteroffer?
When record label shares in all (record and non-record) artist's income streams such as touring, publishing , merchandise and endorsements
What is a 360 Deal ?
Organization that issues blanket mechanical licenses to eligible streaming services such as Spotify, Apple Music etc, and collects/pays royalties to self-administered songwriters and music publishers
What is the Mechanical Licensing Collective ( MLC)?
Offer, acceptance, consideration, capacity
What are the main elements of a contract ?
Contractual clause in music publishing contracts that allows the songwriter to recapture their rights in some or all songs after a certain period of time or after certain conditions have been met, e.g., when the account is recouped
What is a Reversion Clause ?
The length of time that a contract remainsin effect
What is the term of an Agreement ?
Pre-payment of royalties
What is an advance?
Secures live music performances, concerts and tours for artists and musicians
What is a Booking Agent ?
A one way or mutual agreement that prevents one or both parties from sharing sensitive information
What is a Non-Disclosure Agreement ?
Synchronization License
Mechanical License
Master License
Public Performance License
Theatrical License
What are different types of music licenses ?
A copyright in a new work exists once ( A, B or C?)
a) it has been around for 70 years after being created OR b) it is registered with the Copyright Office within three months of publication OR c) it is fixed in tangible form (e.g., written down, recorded or saved).
What is
c) once it is fixed in tangible form ?
The countries, regions and markets where the terms of an agreement apply
What is the Territory of an Agreement ?
When a manager is entitled to receive commissions on deals after the management contract ends (typically 12-48 months) during which the commission rate gradually decreases
What is a Sunset Clause in a Management Agreement?
Value that is exchanged between parties that is required for a contract to be enforceable
What is Consideration?
When copyrighted work/material can be used without permission for purposes such as criticism, commentary (e.g., film reviews) news reporting , teaching, scholarship and research
What is Fair use?
When an agent or manager has the legal authority to make financial, legal, or operational decisions on behalf of the artist
What is a Power of Attorney ?
When an artist is restricted from recording and releasing music through/for another record label
What is an exclusive recording contract ?
Recoupable advances paid to an artist are considered taxable income paid An artist pays income tax on an advance A) upon receipt OR b) once the monies are recouped ?
What is A) upon receipt?