Dear colleagues, please check and comment on the new draft:
Album 1 Inclusive of recording costs fully recoupable sum of £ (GBP).
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Album 2 £
Album 3 £
Album 4 £
Album 5 £
For avoidance of doubt above advance payments are fully inclusive of recording costs.
On album 1, two thirds of advance payable within 14 days of signature of Heads of Agreement, and one third within 14 days of acceptance of Masters by Counteragent A.
Advances on album 2-5 payable one third within 14 days of exercise of Option, one third payable within 14 days of commencement of recording, one third within 14 days of acceptance of Masters by Counteragent A.
Royalties:
Major Territories
for sales 1 – 300,000 units
for sales 300,001 – 500,000 units
for sales in excess of 500,000 units
Rest of World
for sales 1 – 300,000 units
for sales 300,001 – 500,000 units
for sales in excess of 500,000 units
All royalties are based on net published dealer price (ppd) (100% of net sales)
Royalties are inclusive of all third party royalties including producer royalties subject to Counteragent A’s standard packaging deductions and standard royalty reductions, diminutions and waivers.
Singles: Major Territories
Rest of World
Major territories defined as UK, USA, Canada, Australia, France, Germany, Spain, The Netherlands, Sweden & Japan.
Escalators:
Escalators will be based upon cumulative full price royalty bearing retail sales (which for the avoidance of doubt shall include TV advertised sales) of albums solely comprising Newguestaq recordings reported to COUNTERAGENT B within above market classifications on an album by album basis.
Video:
Costs (budget to be mutually agreed) recoupable from record royalties.
Counteragent A to have exclusive commercial video rights of video costs
recoupable from video royalties.
Leaving members:
If any member of the Group leaves, Counteragent A may either:
(a) terminate the agreement in relation to the remainder of the Group
(b) terminate the agreement in relation to one or more leaving members
(c) keep the remaining members
(d) keep one or more leaving members
Counteragent A will ensure that any leaving member has a separate royalty account. For the avoidance of doubt, Counteragent A may cross-collateralise royalty earnings from the solo career of any leaving member with earnings as a member of the Group.
Artwork/promotion:
Artist will be a major priority for Counteragent A and its licensees. Promotional spend and mass marketing techniques (eg. TV advertising) to be commensurate with such a priority. Promotional plans to be mutually discussed.
Counteragent A will obtain the approval (not to be unreasonably withheld or delayed) of COUNTERAGENT B prior to promoting any of albums 2,3,4 or 5 by means of advertising on the television. Counteragent A will consult with COUNTERAGENT B prior to promoting album 1 by means of advertising on the television.
Where records are promoted by means of a television advertising campaign the royalty shall be at 50% of the otherwise applicable rate during the period of the campaign and the next following accounting period or until 50% of the costs of such television advertising campaign have been recouped from the 50% reduction (if earlier).
Counteragent A will obtain the approval (such approval not to be unreasonably withheld or delayed) of COUNTERAGENT B with respect to artwork, re-mixing, synch, licenses in respect of commercial advertisement & premiums relating to commercial product. Counteragent A will consult with COUNTERAGENT B with respect to synchronization licenses in respect of television programmes or films and premiums if such premiums to not relate to commercial products
Above terms subject to Counteragent A’s standard accounting terms which both parties acknowledge are subject to good faith negotiation.
Please confirm your acceptance of these Heads of Agreement by signing below.
Fdr and on behalf of
The Counteragent A Record Company Ltd.
Agreed and accepted by COUNTERAGENT B Records Ltd: For and on behalf of the Group & the individual members of the band
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