446: Reading a Book Contract

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9d ago 47:33

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Jess here with Sarina Bowen to help simplify and demystify author contracts. Let’s start off with a wonderful resource called The Authors Guild. They have sample contracts on their website
The Authors Guild Sample Contract

ONE You’re not “selling” your book. You’re licensing it.
TWO Grant of rights
Term length
Which territories
Which formats
Territories

North American
World English
World

Formats and sub rights

Print and digital and audio
Sub rights like “first serial”
Translation MAYBE

Time limits

X years
The life of the copyright

AG says: The standard license term for traditional trade publishing deals is "the whole term of copyright"

THREE Financial remuneration: advances and royalty rates. WHEN is it paid? What percentages?
Advance and payment schedule

On signing
On acceptance of the work (after an edit)
On publication
A year after publication

FOUR Manuscript delivery and acceptance. What happens if people are unhappy.
FIVE Other clauses
Copyright stipulation
The Option Clause
The Next Published Work Clause
Cover approval vs consideration or collaboration
Narrator approval vs consideration
Indemnification
What are reserves against returns?
Reversion terms: bankruptcy, failure to publish, failure to pay, and out of print
Red flags:

Film rights, even if they say “non exclusive”
Derivative works
Lack of reversion language

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