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Can someone please help to clear the following up for me. I am about to sign an exclusive deal with a US library. I’ve had two lawyers look at the contract now, and I’m still not totally sure about what the following clause means. My UK lawyer said it could potentially mean I lose all rights to the specified tracks forever, i.e. I would never own tracks again or have any rights to choose to do other things with them IF deals were secured on them during the term. However, the US lawyer I asked said that it most likely only meant that the library would receive their ‘publisher’s share’ in perpetuity for the particular deals made, but that I should ask for clarification. Which was my original understanding too. However, I am still a bit concerned, especially as I can’t seem to get real clarification from the library themselves.
I’m willing to take on some level of risk but do need to feel sure I understand all the implications before I decide how many tracks to submit.
Clause below:
‘(Artist) agrees to assign 100% ofhis so-called “publishers” share to Publishers for during the aforementioned term for the Masters or if a licensing or artist placement deal is secured, publishing and master rights extend in perpetuity.’
All advice gratefully received! Thanks!
I would be cautious if you can’t a clear understanding of your concerns (and terms) from the library.