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Contract Terminology
Parties: - People involved in the contract (artist, company) - You: you, the artist
Person: - Any natural person or any entity that represents that person
Affiliate: - Partner or someone that helps financial interest in deal (contract)
Term: - Time span or length of the agreement
Terms: - Conditions of the contract
Option: - Opportunity to sign you again at the same length of time
ex) 1 year deal + 2 options = 3 years (1 + 1 x 1 + 1 x 1) 2 year deal + 2 options = 6 years (2 + 2 x 1 + 2 x 1) 5 year deal + 1 option = 10 years (5 + 5 x 1) *Option is 'Unreturnable' deal
Advance: - Loan to be repaid or recouped
Territory: - Place or location where product is sold (the universe)
Defined composition: - Definition of a song to company
Old defined composition: - Songs written and owned by you before the agreement
New defined composition: - Songs written during the agreement
Acquired defined composition: - Song written by you, but ownership obtained during agreement
Qualifying side (song): - Minimum length of time (3:00 min.)
Qualifying album: - Usually minimum number of songs / amount of time ==> 10 songs / 35 min
Licensing: - Permission to use another artist’s material on our project
Sampling: - An audio snippet (small part) of a song already released used in a new composition
Sampling fees: - Start @ $2500 and goes if the song was a hit, the owner may request points (%) on project that may range from 1 ~ 5 points
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