After reading comments about why some famous entertainers went broke; I want to share with you. One artist explained in 2009 that the record deals were written in “Old English” and were very hard to understand. Although the women had legal counsel they didn’t know the “right questions to ask,” and were robbed of their money for years. I add [Dr. Jeanette], most likely they had no contract reading experience and saw no need to get it. Another artist sold 20 million records filed for bankruptcy, shocking her fans. They blamed her spending habits. The artist refuted; her financial woes were really the result of a bad contract she signed that took too much of her money and bankrupted her with overbearing expenses. Some artists know something is wrong, but don’t speak out about bad management. It’s too late. Some go on to sign other slave contracts, robbing them and disrupting their lives.
They don’t know how they got duped in the first place. Seems like “slave contracts” may not be heard of so much. “Lawsuits have been filed against managers and blame placed on them who pressured artists to sign oppressive contracts at the early years, such as 16. Contracts can be “tricky.” One manager got 5% of the artist’s income forever and 50% of copyright ownership to the record label. It’s difficult to pivot from artist to contract reader and be equipped to understand contracts. Read the fine print or get with someone who is really trustworthy and looking out for your future. One group unknowingly agreed to be paid half the going cent-per-album rate with no option to renegotiate their contract no matter how successful they would become in the future, while the management was making millions. Little Richard explained that historically, bad record deals was common whether you were successful or not and the record label owned all publishing rights even before the record was released. Some artists have reportedly received one percent or less of sales on their album.
Oh! the woes of signing bad [slave] contracts. You trust the manager–the artist doesn’t know how to read contracts. They’re on the brink of fame and success and sign! Don’t do it! Here’s the thing…what should an artist [or anyone do]? You’re handed a business contract and told, “Sign here!” Don’t do it! Read carefully, follow the guidelines below. Don’t sign first and read later!
5 Tips for Reading a Business Contract:
Regardless of contract type, use these guidelines to avoid problems
1. Agree on Definitions
2. Don’t assume, ask for clarification
3. Read “Boilerplate” Carefully and Don’t Be Afraid to Change It
4. Ask what is missing?
5.Get a second opinion.
Be anxious for nothing!
Teach the Children!
Jeanette Grattan Parker, Ph.D., Founder-Superintendent Today’s Fresh Start Charter School 4514 Crenshaw BLVD., LA 90043 323-293- 9826 firstname.lastname@example.org [works Copyright “Will You Marry Me?” “Inquiring Minds Want to Know” Sources:WENN.com U.S. Business Law & Taxes [Jean Murray]