Many new artists, labels, managers, etc., to the music business often soon find themselves in a tough situation. Almos
t all sources tell them “Always have a contract!”, and “Hire an entertainment attorney to draft and review your contracts.”
However, as simple as it sounds, a major obstacle is always $$$$!!!! An experienced entertainment attorney can easily cost $1500 or more (usually more!), and that doesn’t usually include all the time it will likely include to negotiate that contract.
So an easier (and MUCH cheaper) solution is the “contract-in-a-book”. These are generic contracts with fill-n-the blank information. They look, and are worded very official….and seem like the perfect answer for new careers (ya know, till you make all that money from selling music and performing!).
But in reality, these cheap alternatives can end up costing you thousands, maybe Millions of dollars if (when) success comes!
Here’s the Top 3 Reasons Why:
- They’re too generic. If you are serious about having the protection a contract offers, you need it to be written for your specific and unique needs. A contract that is perfect for me could sink your career!!
- The industry Changes. Especially these days. What worked and was standard when the contract was written, may be obsolete now.
- They don’t come with guidance. Again, contracts should be written with Your situation in mind. When you talk to an attorney (or at the very least a reputable entertainment consultant) to review your contracts, they can explain to you what you’re reading, and help you decide if each clause is something that works to your benefit or not.
Some of the best advice I’ve ever heard, is from a friend of mine who is a well respected and successful business manager (that’s music biz talk for accountant), “It’s not about how much money you make, it’s about how much money you keep!”. And having a well written, professionally reviewed and negotiated contract, specifically written with YOU in mind, is your best guarantee that you Keep all that hard earned money!!!!
