Agreements are important tools in business. I’ve been burned a few times, paid people money and been left awry to their crooked ways.
When getting into any sort transaction, grouping or sharing of intellectual property, please get it on paper. As one of my music mentors say, the music business is one of the corrupt industries in the world. We’ve heard about the Young Money’s and Diddy’s of the world, we must protect our integrity as music artists, entrepreneurs and professionals.
My number one advice and tip to minimize this risk:
Make an agreement, talk about what each party wants and sign the damn thing.
Let’s say, you were part of the biggest girl or boy band in years. However, yesterday you abruptly broke up and everything in regards to royalties, merch, masters and etc., are now in lingo. A scenario like this can get very nasty, which can lead into years or even sometimes decades of arguing and court battles. Is it worth? Would this be worth your money and time?
You decide, you choose. Spending a few minutes, hours, day or weeks making an agreement is better than spending a decade in a stupid court squabble.
Additional Materials
Go go get the book “This Business of Music.” It has tons of information and contract templates for you to use. Go ahead and buy it. Knowledge is key!
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