After 1 year and 56 forwards in Taxi, I finally received my first offer from a publisher. They would like my to transfer the copyright (of they song they're interested in) over to them--100%. This is my first contract, and I willa be calling them this week to go over it with them. I really don't want to sound like the dumb-ass that I am when it comes to the business side of things, but my first question is: When they say 'aquire', does that mean they want to buy the song outright? And if so, what kind of price would we be talking about?
Here's a cut-n-paste of the license (and I put *** where my and their names were):
This Agreement dated July 7, 2005, shall be between **** Music Library. (hereinafter “**** Music Library”), Thomas *** (hereinafter “Assignor” or “Author”) (collectively *** Music Library and Thomas *** shall be referred to in this Agreement as “the parties”).
FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which is hereby acknowledged.
By Author (s) Thomas *** on the 7th of July, 2005 HEREBY ASSIGN(S) to **** MUSIC LIBRARY located at !!!! ^&*&land Ave. Los Angeles, CA 90*&^ the whole and entire copyright and any renewals and extensions thereof together with the sole right of representation, performance and reproduction by all means whatsoever including, but not limited to, the manufacture and distribution of copies thereof (with or without visual images) intended for public and private use for all countries, present and future, including all vested, contingent and future rights of copyright of and in the music of the composition at present entitled:
See Attached Exhibit A (hereinafter collectively called the “Work”)
Without limiting the generality of the foregoing assignment writer Thomas **** and his/her publishing designee ________________________ hereinafter, jointly and severally the “Assignor”) hereby waives all moral rights in the Work.
The Assignor warrants that to the best of the Assignors knowledge the Work is original and in no way infringes copyright and will hold Inter Music Library harmless from any damages resulting from breach of such warranty including reasonable legal costs and that the Assignor is in a position to grant the rights contained in this agreement.
Assignor agrees to assign **** Music Library one hundred percent (100%) ownership of the master recording for the work, worldwide in the present and future. Inter Music Library shall be the owner of the master recording of the Work.
Assignor will be entitled to receive and collect the entire so-called “Writer’s share of public performance income” and Inter Music Library will be entitled to the “Publisher’s share of public performance income” payable in each case, by BMI, ASCAP or any other applicable performing rights society. In any filing accomplished by either party with any performing rights society, “Assignor” will be listed as the entire owner of the writer’s share of any performance royalties and Inter Music Library will be listed as the entire owner of the publisher’s share of any performance royalties.
**** Music Library shall pay to the assignor fifty percent (50%) of all domestic fees and twenty five percent (25%) of all international fees
received or credited from the exploitation of the work on a fee per use or other basis, including individual needle drops or track fees, synchronization fees and mechanical fees and including other media whether now or hereafter.
In the event of sheet music publication, **** Music Library shall pay, to assignor a royalty of 50% of gross income received or credited for the sale of sheet music of the work. All professional and complimentary copies and band parts shall be free of royalty unless Inter Music Library receives payment hereof.
It is understood that should lyrics be added to the work, then the royalties and fees specified in clauses 2 and 3 above shall be divided between the Assignor and Author of such lyrics on terms to be mutually agreed among assignor, such Author and Inter Music Library.
**** Music Library shall be at liberty to destroy surplus stock whenever necessary.
**** Music Library shall be entitled to make all such arrangements, adaptations or translations of the said work as they may consider desirable and to do every other act and thing in respect of the said work to make the same suitable in their opinion for publication in whole or in part, and to publish the said work at such time and in such manner and to such an extend as in their sole discretion they may decide.
Fees due from **** Music Library to the Assignor shall be payable by Inter Music Library half-yearly and be accompanied by a statement setting out the sums due and shall be paid as soon as **** Music Library can reasonably prepare such statement in respect of the preceding half-year ending respectively upon January 1st and July 1st but not later tan 90 days after each such date.
It is agreed that there are no other terms or conditions either express or implied relating to the publication of the said work by ***** Music Library other than the terms contained herein and expressly set out, and that the Assignor has not executed this agreement in reliance of any representation other than as contained herein and expressly set out.
THE ASSIGNOR WARRANTS THAT HE OR SHE HAS CAREFULLY FEAD THE FOREGOING FEFORE APPENDING HIS OR HER SIGNATURE.
THIS ASSIGNMENT IS BINDING UPON THE REPRESENTATIVES, EXECUTORS, ADMINISTRATORS AND ASSIGN OF THE PARTIES HERETO.
So is this a good 'first' deal for me?