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446: Reading a Book Contract

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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

            • ...more
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