Buy Out

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  • This topic has 9 replies, 4 voices, and was last updated 10 years ago by Bobby Cole.
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  • #9054 Reply
    dgrimes
    Participant

    Hello,

    This is my first post and I have this issue. Has anyone ever received something like this?


    The COMPOSER hereby sells, assigns, transfers and delivers to the PUBLISHER, its successors and assigns, the original musical composition(s) written and composed by COMPOSER, at present entitled (See Schedule A)which title(s) may be changed by the PUBLISHER, including the title, words and music thereof, and all rights therein; and all copyrights and the rights to secure the same and in any arrangement and adaptations thereof, throughout the universe; and any and all or all other rights that the COMPOSER now has or to which he may be entitled or that he hereafter could or might secure with respect to this composition, if these presents had not been made, throughout the universe; and to have and to hold the same absolutely unto the PUBLISHER, its successors and assigns.
     
     
     
    The COMPOSER hereby covenants, represents and warrants that the composition hereby sold is an original work and that neither said work nor any part thereof in fringes upon the title or the literary or musical property or the copyright in any other work, and that he is the sole writer and composer and the sole owner thereof and all the rights therein, and has not sold, assigned, set over, transferred, hypothecated or mortgaged any right, title or interest in or to the said compositions of any or any part thereof, or any of the rights herein conveyed, and that he has not made or entered into any contract or contracts with any other person, firm or corporation whomsoever, affecting said composition or any right, title or interest therein, or in the copyright thereof, and that no person, firm or corporation other than the COMPOSER has or has had claims, or has claimed any right, title or interest in or to said work or any part thereof or any use thereof or any copyright therein, and that said work has never been published, make this present instrument of sale and transfer.
     
     
     
    In consideration of this agreement, the PUBLISHER agrees to pay the COMPOSER Two Hundred dollars ($200.00) per composition. This, excepting direct performing rights society distribution, is full and final payment.

    I have a number of pieces with this library and have only ever received ASCAP writers royalites which haven’t amounted to significant monies.

    I would appreciate any feedback.

    Thanks,
    David
     

    #9061 Reply
    Art Munson
    Keymaster

    Personally, I would never give up a copyright for $200 but someone else might feel differently.

    #9063 Reply
    Erik
    Participant

    I’d only want to do a buyout of this size if the cue only took a few hours to make or I was pretty sure I’d see some real good $ on the back end.

    #9066 Reply
    MichaelL
    Participant

    My first reaction was absolutely not. But….nothing in the life is back & white. You need to look at the big picture. What is your relationship like with this library? Could doing this lead to other things?

    If you have no relationship and establishing a relationship is not likely to amount to anything, then probably no.

    But…I took a gig like that once, and it led to recommendations introductions and other opportunities that have helped to build my career. Moreover, it established friendships in the business that are invaluable. In the end I gained far more than I “lost” by doing those cues.

    My advice, look at the situation very closely and be careful what you walk away from.

    _Michael

    #9067 Reply
    euca
    Guest

    I might be wrong but I read his post as saying he already is signed on with the library but has yet to receive the $200 per cue as stated in the contract. Is that correct dgrimes?

    If so, you should contact the library about payment or have you and they refuse to pay?

    #9068 Reply
    Art Munson
    Keymaster

    My advice, look at the situation very closely and be careful what you walk away from.

    Very true MichaelL and much better advice than mine!

    #9070 Reply
    dgrimes
    Guest

    euca is right. I haven’t written for this library in more that 10 years. They sent me this contact out of the blue and as I see it, all I have to do is sign and they will send me the buy-out money. The pieces I wrote were performed by musicians they payed to perform them. I have had no occasion or desire to re-orchestrate and reuse them. The sad part is that while I agree that signing away my copyright is not the best of all options, I could use the money.

    #9071 Reply
    MichaelL
    Participant

    @David….when you originally composed tracks for this library did you sign a contract?

    As I have pointed out before, in order for a copyright to transfer from the composer to the library it MUST be in writing. If not, the only thing that the library has is an implied license. One of the libraries that I wrote for was kind of loose when it came to paperwork. They have a library full of implied licenses. And that library has been sold a few times!

    If you never signed a contract, it sounds like the library, or its current owner, is crossing all the T’s and dotting all the I’s to make sure they have clear ownership of their catalog.   If this is 10 year old work, and you don’t have to do a thing, and you have no use for the cues, maybe it’s pennies from Heaven.

    I’d love the get a letter like that for all the cues I did back in the 90’s!

    On the other hand…MAKE SURE THAT YOU’RE CLEAR ON THIS…did they pay you $200 per cut 10 years ago, and are they just asking you to sign a contract now with no additional payment?  Get the answer before you sign.

    You should have your attorney check it out.

    Good luck.

    MichaelL

    #9080 Reply
    dgrimes
    Guest

    Thanks Michael.

    I will take your advice.

    dgrimes

    #15699 Reply
    Bobby Cole
    Guest

    Which library are we talking about here?

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