Adrian, I just finished reading the contract through email.
First things first:
That's some good music you blokes are putting together I like the whole Simon Garfunkel feel with modern rock twist to it...
okay here's what i got from the contract (I am not e music lawyer, matter of fct this is the first real contract I read, I read about READING contracts so there you go)
It says that you will basically have to record a 12 song album for them in a time they feel is "sufficient" they will also give you a set budget and a producer, neither you have no say in.
If you spend more than the budget in the studio they will take that out of whatever future royalties you recieve, and you won't get any royalties until they recoup.
Any songs you made before the contract is also their property.
They will then try to get you a deal with a company. If you get offered a deal on your own, they must approve the company first.
They will take 30% of your publishing royalties and 80% of 50% for performances
They will collect money for you from the record label and pay you as much as two months AFTER they get it (I don't know if this is normal, it might be) Royalties get paid every 4 months btw
This is not a contract it is an agreement which means there is a whole lot more that could be added on (depending probably on what you catch this time) This is normal. Basically this is like saying I agree to this, think of making a bid on ebay.
Darran Bennet is the only person obligated to get you guys a deal...
Also they collect 2 years after the contract expires and 15 years after they own the music
blah blah...
It depends, your lawyer should be independent and help renegotiate some of these clauses and terms in your favor.
Like I said you have great music and don't rush into anything keep getting better get smarter businesswise, etc...get a good show nice rhytm, so when you get signed you don't have to pay for development and can get paid more
What they are offering you is an A&R, Barrat (who knows how many artists he is shopping or how good he is) a producer, weeeeeee, one of those guys!! and studio time which in this day and age is pretty much worthless
If the A&R and Producer are one of the best in England find a way to make it work otherwise practice, tour, practice tour then practice some more get all the little things down pat (image, sound, etc) Don't just be as strong as a professional but be stronger and you will be able to get a really lucrative joint venture or production deal with a good label.
I am excited for you guys cause I wish I was that good. You say you have full time jobs, well if you are really serious go for it and get part time jobs and make more times for your dreams trying to make that money back with performing gigs.
Good Luck & Let us know how this drama turns out!!
Les W (NOT a music industry lawyer)
