Why You Should Have Contracts Set Up for Your Media Business

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Just like in any other business, contracts are done to protect the client, the supplier, and everyone involved in the transaction. While a verbal agreement seems to be okay between two parties, it’s always best to have a signed contract to protect them. In the world of media and entertainment,  it’s actually the media law that governs what can be posted and broadcasted. 

 

Media law covers broadcasting, publishing, music, film and television, digital media, advertising, marketing, and theatre. There are media law firms in London that can help you create an airtight contract and negotiate the terms. The lawyers from both parties will go through the contracts with you, and then see if the terms are agreeable to both parties. This may take a while as the contract will be sent back and forth for agreement. Once the contract details are agreed upon, the parties can now sign it and ideally uphold the agreement.

 

Ready to make business with clients? Here are some contracts you must have on hand:

 

Service Contract

 

This contract is what you’d typically send to new clients before working with them and is one of the easiest to understand. Under this contract, you’ll find the services to be rendered, payment terms, timelines, a confidentiality clause, a clause on intellectual property ownership, and other terms. All you have to do is fill in the blanks and sign to uphold the contract.

 

Consulting Contract

 

Chances are, your clients hired you for your expertise in your field. So they’re not only hiring you to do tasks, but they can also go to you for business advice or consult with you. This is where a consulting contract comes in. As the media expert, this contract will set you up with the scope of consultancy work you can do for the client, and a breakdown of fees they need to pay for these services. The consulting contract is kind of like the service contract, but it’s set up specifically for consultancy work.

 

Supplier Agreement

 

Even if you are the main supplier, chances are you’ll employ other people to help you with the project. This may be due to lack of manpower or the scope of work may be beyond your capabilities. These suppliers may supply you with the products or services needed to get the work done. The supplier agreement is set up similar to the services contract, but this is between you as the client and the supplier who will supply the product or service. 

 

Non-Disclosure Agreement (NDA)

 

Non disclosure agreement

Think of the Non-Disclosure Agreement or NDA as a longer, more specific version of a confidentiality clause. This would come in handy if you have projects that have yet to be released, such as movies, TV shows, books, songs, and more.

 

 

This contract puts parties into the legal obligation of keeping something a secret. This will also protect sensitive information and outlines what information is private and what is public. The NDA can also be signed by your team members to keep information private.

 

Distribution Agreement

 

When you’re ready to launch a product, say a book, music, or even a movie, you’ll probably talk to distributors to have them distribute your products to the public. A distribution agreement puts you as the client and the distributor as the supplier into an agreement that the distributor can distribute your product upon your terms. There are many types of distribution, including exclusive, sole, and non-exclusive. 

 

Contracts are put in place to ensure that both parties hold up to their end of the agreement. It’s important to always keep contracts on hand when doing business transactions, even in the world of media.

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