When you sign a track from a Licensor (Artist or Label) you will want to replicate the agreed deal within RoyaltyWorx. This is vital in providing the correct rates to calculate your royalties. This is done by creating what is called a Contract In.

The Contract In is a replication of your agreement with your licensor and will hold key information (such as Royalty %, Expenses % etc) as well as provide a “hub” to tag Licensors to the specific Release/Tracks.

When you generate your statements, RoyaltyWorx will use the information you have entered, as well as the licensors and tracks added in order to calculate the relevant totals for each Licensor. It is important to understand the Contract In as all calculations rely on its correct setup.

Contract Templates Explained

Whilst RoyaltyWorx allows you to create custom Contract In’s for all of your releases, we understand that in most cases there will be a “standard deal”, or a selection of “standard deals”, that you sign or license tracks with and so we created Contract In Templates.

The Templates allow you to enter the relevant information into a Contract in, and then save that information to be used again for future contracts. The Templates should speed up the process greatly as it gives you the perfect starting point for your Contract In creation.

How to Edit/Setup a Contract Template

From the LabelWorx Top Menu, select Royalty, then select Contracts In. You will see that as default, you will have 3 Templates already created in your Contracts In List. Default Artist Template, Default Remix Template and Flat Fee Remix Template. These tend to be the 3 main variants of Contract In.

Select the Template you wish to edit and you will then see the relevant Contract Details page.

You can now start to enter your typical deal terms in the relevant sections. As this is a template, you will not add a Licensor or Release to this as you will do that when you create the relevant Contract In.

You should mainly concentrate on the deal percentages that you use for the majority of releases. In most cases, this will be the royalty percentages and the expenses percentages. At default, they are set to 50% (giving you a label/artist split of 50/50.) Amend those terms as necessary.

You may also wish to rename the Template in order to fit into your current workflow, you can do this in the Contract Name field. Please remember that for Templates, you want to keep the name clear and easily understandable as this will make selection easier when you come to create Contract In's.

As standard, the Template will be set to a Simple Mode. If your deals require a little more detail or freedom in the percentages, then you can switch to Advanced Mode by clicking the “Advanced” link at the top of the Contract Details.

In Advanced Mode, you have more options for your percentages. You will see that there are now tabs for the different aspects of the contract. Physical, Digital, Licenses, Compilations and Expenses. Here, you can now enter more specific percentages for the different elements of each heading.

IMPORTANT - In all of the instances, the percentage you enter is the percentage you expect your licensor to receive. In the instance of expenses, it is the percentage of the expenses you expect your licensor to pay for before receiving royalties.

Once happy with your Template, click Save. The template will then be saved to your Contracts In List and will be available for selection whenever you create a new Contract In.

IMPORTANT - Updating a template will NOT update all of the existing Contracts In that were generated prior to your changes.

How to Create an Additional Contract Template

From the LabelWorx Top Menu, select Royalty, then select Contracts In. You will then see your Contracts In List.

From here, simply click the New button from the Icon Menu in the top right of the screen. A pop-up window will appear showing you the New Contract screen. In this instance, you need to select the Template Contract tab.

In the Copy From Template field, select which previous Template you wish to copy for your new Template. Give the Template a new Contract Name and click Create.

You will then be taken to your new Template’s Contract Details screen. Here you can make any changes to the template that you may need. Once complete, click Save. 

You can then repeat the process for any other Templates you may need to create.