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
Sarina made a lovely outline to prepare for the episode (because of course she did) so I’m dropping that here.
* You’re not “selling” your book. You’re licensing it.
* 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
* 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
* Manuscript delivery and acceptance. What happens if people are unhappy.
* 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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