Reading a Book Contract

Jess here with Sarina Bowen to help simplify and demystify author contracts. Let’s start off with a wonderful resource called The Authors Guild. They have sample contracts on their website

The Authors Guild Sample Contract

Sarina made a lovely outline to prepare for the episode (because of course she did) so I’m dropping that here.

1. You’re not “selling” your book. You’re licensing it.

2. Grant of rights

   1. Term length

   2. Which territories

   3. Which formats

   4. Territories

      • North American

      • World English

      • World

   5. Formats and sub rights

      • Print and digital and audio

      • Sub rights like “first serial”

      • Translation MAYBE

   6. Time limits

      • X years

      • The life of the copyright

3. Financial remuneration: advances and royalty rates. WHEN is it paid? What percentages?

   1. Advance and payment schedule

      • On signing

      • On acceptance of the work (after an edit)

      • On publication

      • A year after publication

4. Manuscript delivery and acceptance. What happens if people are unhappy.

5. Other clauses

   1. Copyright stipulation

   2. The Option Clause

   3. The Next Published Work Clause

   4. Cover approval vs consideration or collaboration

   5. Narrator approval vs consideration

   6. Indemnification

   7. What are reserves against returns?

   8. Reversion terms: bankruptcy, failure to publish, failure to pay, and out of print

6. Red flags:

   • Film rights, even if they say “non exclusive”

   • Derivative works

   • Lack of reversion language