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First off, a deal memo usually isn't a contract per se, its an outline of the contract that they want you to sign.
Secondly, you're not "selling" your track, you're LICENSING it, keep that in mind. If they want you to sell it, tell them to piss off.
Third, find out the following information:
Time period- How long are you licensing it for. NEVER license it in perpetuity, that's just like selling it.
Advance- Are they paying you up front, and if so, how much.
Royalty rate- Percentage points. Are you getting dealer price points or retail points, and how many points?
Territories- Where is the label going to license it. Keep in mind, that if you license it to one label in France, you can license it to other labels in other countries. MAKE THEM GIVE YOU SPECIFICS!!
3rd party rights- Gives the label the right to sub license your track to another label if they can't keep up with production demand.
Remix Approval- Gives you the right to say yes or no to remixes.
Don't sign under your legal name if you can avoid it, sign it with a production alias, that way you're free to license other tracks to other labels
Get a lawyer who to look over the contract no matter what.
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