You want a career in music. You think a seasoned Music Manager can help build your career. So you want a contract drafted, which you and your Music Manager will sign. What do you need to know?
A good contract must be a simple document, no fancy talk. It should be fair and specific, clearly covering the basic concerns like money, division of labor and the length of the agreement.
Don’t rush or don’t be rushed by anyone. A contract is a legally binding document so every aspect must be carefully considered and discussed. It is best to seek legal advice to make sure all interests are protected.
You will do your part as the artist and the music manager should do his part in building your career. It’s a win-win situation. Whatever you earn in money or reputation will be enjoyed by both. The Manager Contract should be clear on the benefits of the parties involved.
There should be no ill-feelings or doubts from both parties. If there are uncertainties, the signing of the contract should be postponed and more discussions should take place before getting the contract signed.
You must agree to a term and a contract cancellation policy. A one-year agreement with an option to extend agreement at the end of the year, if both parties agree, is a fair trial term. An option to extend must have your agreement. Make sure the contract specifies how both parties can leave the deal to avoid tying anyone down to a contract one may not be happy in.
Whether you’re a new artist or not, your expectations from your music manager must be made clear at this point. Everything should be laid on the table.
The standard management fee is 15% to 20% of the artist’s earnings. Details of other earnings, whether from albums sales, negotiated deals, merchandise sales, royalties and the like should be discussed and agreed upon.
Expenses if not managed well can cause problems and disrupt work. A clear and specific agreement must be reached as to how accounting of expenses will be executed.
If a contract is not done well, it can bind you to a bad deal. Why take chances? Why risk your future?A better option is available to you. Strike a deal with an artist management team. Work with the Pros who have been in the music business for 21 years. 360 Media Touring Management looking after the careers of various songwriters, artists and bands who are now making waves in the music world.