06.14.07 Deal Memo

Just before signing a contract with a record label or a publishing company you receive a “deal memo.” It’s a one page document listing the key points to be agree upon.  If I agree with those points I sign it, fax it over, and it becomes the foundation for the contract which the legal department then draws up for me to sign.

The book deal memo arrived yesterday.  In it is stuff like…

A book summary.

Editor’s name.

Publication Date (August 1, 2008)

The amount of the advance (money paid upfront) and the schedule of payment after that.

Royalty rate.

The rate at which the author can purchase the book to resell.

The dimensions of the book and any other production peculiarities - paper type, for instance.

Word count and the date the manuscript is to be turned in.

All that’s agreed upon.  So I’m signing, faxing over, and waiting for “legal” to do their thing.