446: Reading a Book Contract

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