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Contract Questions
Hey guys,
So I doubt there are any entertainment attorneys perusing this forum, but I figured I'd get a bit of input regarding my current situation.
First off, I've received contract offers from a few different independent labels regarding one of my tracks. The two that I am still considering (based a lot on how the reps have treated me in their communications and helpfulness) are MegaDrive Records (www.soundcloud.com/mega-drive-records) and Vectiva Recordings (www.vectivarecordings.com).
Both of these labels expressed almost overnight interest in the track in question, and both of the A&R reps for the labels have been very helpful and responsive whenever I've had a question...but when it comes to contracts it's a completely different playing field. Below are links to download the contracts that these labels sent me:
MegaDrive Records Contract: http://bit.ly/GDJegH
Vectiva Recordings Contract: http://bit.ly/GC9F3Y
Let's look at the situation with MegaDrive Records first:
- They are extremely young (first release on Beatport was a couple of days ago). Realistically, every label has to start somewhere...I'm just wary of how new the label is.
- They have no dedicated website (again, they are young, but it's REALLY easy to get a functional website these days). They don't even have the domain (the guy I've talked to uses a gmail account).
- The contract they sent me (links above) has a few grammatical errors and misspellings in it. I wouldn't normally be too nitpicky, but with a contract I feel like you HAVE to be 100% accurate all of the time.
- On a plus side, their contract covers just about everything that I can think of: what will be done by who, and what happens if whoever doesn't do what they are supposed to. It seems to be fairly complete, albeit a bit compact. (I could be completely wrong with my idea of 'complete' though).
Now, let's look at the situation with Vectiva Recordings:
- They have been pumping out releases for over 1.5 years (first release on Beatport was in November of 2010). Now, just because they've released almost 50 releases and have signed almost 30 different artists doesn't mean that they are legitimate, as they could have ripped all 30 of those guys off the whole time. But, they've lasted longer than some indie labels run by some kid in his bedroom.
- They have a dedicated website (it's nothing special and doesn't really work too great, but the effort was made).
- Here's the big issue: their contract is so short and basic that I couldn't possibly imagine its usefulness in any manner beyond emergency toilet paper. It says nothing about breaching the contract, or even about the terms that could be breached. It says nothing about what they will do, or when they will do it, or how. It says nothing about who can terminate the contract and why. Basically, it says almost nothing.
So, the biggest debate here is this: MegaDrive looks (on the outside) like it's a completely nooby-run label...no website, very few releases, etc. But their contract is FAR superior to Vectiva's. In contrast, Vectiva's contract sucks, but the label has released a lot of stuff. Again, quantity isn't a driving force here...it's just a bit of evidence that MegaDrive doesn't have. Both labels quote a 50% royalty rate.
So, what do you guys think? Sign with one or the other? Don't sign at all? Tell them to suck it and sell it on my website alone and make more money?
Any thoughts would be greatly appreciated!!!
THANKS!!!
-Function T-
[functiont.com]
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