Standard Library Music Contract Terms
I have received an offer from a US music library who wish to aquire one of my tracks. As this is my first such deal, I do not know if what they are offering is fair and standard. I did try a music lawyer but he has so far not replied and my deadline is next week.
I would be grateful if anyone who is up on this sort of thing could comment on this offer which basically reads as assigning the library 100% ownership of the master recording for the work, worldwide in the present and futurehanding over full ownership forever.
There is no mention of an upfront fee, buyout or advance. They will pay me 50% of all domestic fees and 25% of all international fees.
I will be entitled to receive and collect the entire so-called “Writer’s share of public performance income” and the library will be entitled to the “Publisher’s share of public performance income” payable in each case, by BMI, ASCAP or any other applicable performing rights society.
I think the contract should only be for a certain time period in case they perform badly and I want out or I want to sign elsewhere in the future.
Is it normal to get upfront payments for this type of deal for non-commisioned library music? Are these percentages fair?
That's mostly what I am unsure of and would welcome any advice from someone who knows about this.
With grateful thanks.