Before you attempt to negotiate a contract or terms of a deal in any business, please make sure you understand your business and the rights and obligations you are relinquishing or absorbing. I’ve seen numerous cases where artists in the film and music industries, in particular, attempt to negotiate with studios and record labels without a firm or even basic understanding of the business they are in. As a result, musicians often relinquish important rights without even knowing it.
Musicians, do you understand what a mechanical license is? Or a synchronization license? What about “performance royalties” and “writer’s shares”? Do you have a grasp on “song splits” or producer agreements? Do you know what a foreign record label is referring to when they write in reference to “neighboring rights”?
If you’d like to avoid problems down the line and prevent giving up money streams and rights to your music or films, please make sure you understand your business. If not, you’d we well advised to seek experienced counsel.
Don’t negotiate blind to save a few dollars. It will cost you in the end.