Musicians always look forward to when they are called up with a record deal. But when they are presented with a contract, they need to read the terms carefully, or they might get shortchanged. Record deals are complex contracts to handle. This means that you need to be thorough in your research if you expect to get the best deal possible. You need to read more about what to do when you receive one.
You need to hire the services of an attorney. They are the best at negotiating these record deals. They are well versed in all the technicalities that legal issues in the entertainment industry contain. You need to think hard before trying it out on your own. You also, do not need to hire them on a permanent basis if this is your first contract. You will need that later in when they start trickling in. The best attorney shall be present at all negotiation meetings. You can find a good one online, on websites that advertise their services.
Artists get paid in contracts through royalties for their music. The way the system is structured, you will not take home most of the amounts from the sale of records. You need to be prepared to receive the lesser percentage. The rest goes to the recording company. The best thing to do in such cases, therefore, is to negotiate for the highest percentage of the sales as your portion of royalties. There are even contracts that require you to foot the packaging bills for the records. This further eats into your profits. There is no doubt that aiming for the highest percentage needs to be the top priority for you.
You need to be even more careful if you are negotiating a multi-album deal. Finding yourself with a multi-album deal is even more desirable for most artists. But you will have to negotiate even harder than before. Once you enter into an agreement, it shall be hard to pull out if you are not happy with what you get from the first album sales. You may be lucky to find a company that allows room for renegotiation after the first album is done. If not, you are stuck with it as it is. You therefore need to be extra cautious about the structure of a multi-album contract before signing it. You need to see it state clearly that you can renegotiate after each album is done.
You need to remain objective and have these points in mind when you get the call. Make sure you cover all bases. Your preparation determines how much you shall make. You may be great at negotiating, but this one needs you to let the pros handle.
You can read more tips on how to go about such negotiations here.