3 Unique Properties of Entertainment Contracts

Описание: 3 Unique Properties of Entertainment Contracts

The entertainment industry welcomes people from all walks of life and with tremendously diverse A-Type personalities. Unfortunately, A-Type Personalities come with A-Type conflicts. Due to these reasons, contracts in the entertainment industry have many unique properties as discussed below.

Oral Discussions

Oral discussions during contracting in the entertainment are extraordinarily rampant. The amount of conversations and oral agreements & discussions that move back and forth across interested parties comprise the most significant and unique property of contracts in this industry. Simply said, the amount of “informal” contract negotiations and agreements is the entertainment industry is humongous. Arguably, it’s hard to lock all the diverse personalities in writing, particularly at the front end due to the nature of the business.

Unsigned Writings

As another unique property, contracts in the entertainment industry involves a lot of informal writings. It is not a wonder to find contractual writings done literally anywhere, including on binders, notebooks, and even at the back of the hand. Unfortunately, such writings tend not to be binding.

Deal Memo

As a unique property of contracts in the entertainment industry, a deal memo is similar to an LOI (letter of intent) – a binding document that is often provided under normal contracts, such as in the lease of property. Undoubtedly, although bargaining and negotiations are involved, there are always those terms and conditions that one does not have any interest in negotiating no matter what. However, things keep changing over time and, as you come up with such terms and draft a contract, several ideas might get lost in translation and the parties tend to lose sight of what they are doing. Yet, based on individual needs and desires, initial agreements could also change during the course of negotiations.

However, you might want to consider whether the deal memo would be binding, what compensations terms to be included (artists or musicians might seek minimum compensation or performance bonuses), the description of the work to be performed and where it should or not take place, and what the time period should be. Finally, recitals are common, but very elaborate and extensive in entertainment contracts. Technically, in the recitals, the true intentions of the contract are restated and reaffirmed for the purposes of future contract interpretation.
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