When you sign a track from an Licensor (Artist or Label) you need to create a Contract in the Contracts In list. This allows you to record all information relating to the deal that you made with the Licensor and issue statements to them.
Creating a Contract In consists of 4 parts -
- Creating the initial Contract
- Adding Licensors to the Contract
- Adding releases / tracks to your Contract
- Specify the actual deal parameters on the Contract
Creating the Contract
1. Select "Royalty -> Contracts In" from the top menu
2. Click the "New" button in the top right
3. On the "New Contract" pop up select whether you are creating an Artist Contract, Remix Contract or Template Contract
4. Specify the template in the "Copy From Template" field
NOTE : In order to speed up contract creation all new contracts are copied from a selected template. You can create as many templates as you like by selecting the Template Contract at the top of this pop up window. For more information on creating templates - How do I create an additional Contract In Template?
5. Type the name of the Single, EP or Album into the "Release" field that you wish to attach to the Contract and select them from the list
NOTE : This article assumes that you have already setup your Album, Single or EP. If not please refer to one of the articles listed at the bottom of this knowledge base article or see the following links which might be helpful.
How do I create a release?
Can I import releases into the system from a file?
6. Choose "All Tracks" or individually select one or multiple tracks
7. Click "Create"
NOTE : If the tracks selected exist on another contract a duplicate warning will appear with further instructions.
Contract Details Screen
The Contract details screen has 2 modes that alter the options that are presented on the screen: Simple and Advanced. As default you will use the simple mode but clicking "Advanced" at the top of the screen will allow more detailed contract parameters. This article will show the options from Simple and Advanced modes for greater transparency of use.
There are 3 main sections to the Contract In Screen: Licensors, Deal Details and Track/Releases.
The release / track that you selected will be linked to an artist already, and this may already be linked to a Licensor. If so, the Licensor will appear in the Licensors section on the right of the Contract In screen automatically. If no Licensors appear then they will need to be entered manually. To do this complete the following -
1. Click "Add Licensor"
2. Search via auto-complete box for already created Licensors or click "Create New Licensor" and enter the new Licensors details
3. Click "Save"
4. If you enter multiple Licensors you will see a "Modify Licensor Shares" pop up appear. This screen allows you to control the percentage split between Licensors.
5. If the Licensor you enter is not linked to the artist of the track you will be prompted to link them together. Linking these together will automatically add this Licensor to future contracts you create using tracks by that particular artist.
6. If you need to adjust the Percentage rates between Licensors you can click "Modify Licensor Shares"
Deal Element: Simple Mode
Simple Mode allows you to change the individual percentages for Physical & Digital Sales, Third Party & Comp. Licenses, In House Sales & Expenses and All Other Expenses.
Deal Element: Advanced Mode
Advanced mode gives you greater control over the rates you offer for individual formats such as Compact Disc, Viny, Digital Download, Streams, Third Party Licenses etc. To amend these navigate through the tabs and click the appropriate format, edit the rates and details and click save.
Advances and Opening Balances
If you have agreed an advance on this Contract please review the following article - What is an Advance & how do add an Advance to a Contract In?
If you have a balance outstanding from a previous statement that you created before using Royalty Worx then you will need to enter an opening balance. Please review the following article - What is an Opening Balance and how do I add one to a Contract In?