Music Business/Law Tips - "Recording Agreement Deal Memo"

If an artist is entering into a recording agreement with a record label, even though the actual formal contract might be between 10 and 100 pages long, all record deals generally boil down to just a few key issues which can be set forth in a Deal Memo to get the parties started. See below a sample Recording Agreement Deal Memo to give an idea of the points to focus on in this situation. Ben McLane Esq benmclane.com --->My new book "Music Business In 10 Easy Lessons" is now available for purchase on Amazon at the following link: https://www.amazon.com/dp/B07B91ZZ48/ref=sr_1_1?ie=UTF8&qid=1520448664&sr=8-1&keywords=music+business+in+10+easy+lessons\ ***************************************************************************** RECORDING AGREEMENT DEAL MEMO Effective Date: ____________ This Deal Memo shall be between X Company ("X") and the artist Y ("Y"). This Deal Memo shall be a binding agreement until superseded by a more formal agreement. The parties agree as follows: Terms 1. Work For Hire Agreement. 2. 1 + 4 option albums 3. Territory = world 4. Advances per Album: 1st album = $50,000 2nd album = $75,000 3rd album = $100,000 4th album = $125,000 5th album = $150,000 5. Exclusive Deal. 6. Royalty = 15% of wholesale & 50% of master use license income. 7. X can recoup all recording and promotional costs. 8. X guarantees to release each album within 6 months of delivery. If not, Artist can terminate. 9. X will guarantee a marketing commitment per album of a minimum 1 single released to radio and 1 promotional video. 10. Y shall have the right to approve the following: songs, artwork, producer and use of music in relation to porn, religion or politics. The parties acknowledge that there is good and valuable consideration. ____________________________________ Artist ____________________________________ Label