When you sub-license a track from your catalogue to another third party label the information relating to that "agreement" is stored within the "Contracts Out" section of "RoyaltyWorx".
Everything from contract details, tracks licensed, accounting frequencies and even a compilation cover artwork can be stored on the "Contract Details" screen.
To create a "Contract Out" complete the following steps -
1. Select "Royalty -> Contracts Out" on the top menu
2. Click the "New" button on the icon menu
3. Enter a "Contract Name" (This is usually the name of the compilation). The contract name will appear on your licensor statements on the 3rd party and compilation licensing section, therefore it is important to name this something that is easily identifiable.
Note - "Contract Name" is the only required field so at this point you can skip to Tracks Licensed below if you prefer although we recommend you enter as much information as possible and create a database of your licenses.
4. Enter the name of the DJ / Artist who is mixing the compilation (if any) into the "Mixed By" field
5. Select the "Licensee" from the list (the company that you are licensing to)
Note - If you do not have any Licensees created then read this article - How do I create a New Licensee?
6. Select "Compilation" or "Sub License" as the "Licensing Type"
7. Enter the scheduled "Release Date" of the compilation (not always available at this point)
8. Enter the "Date Signed" (the date you actually signed the agreement)
9. Enter a "Contract Name" (a person who you are dealing with at the company that is licensing your track)
10. Enter a "Contact Email" for the "Contract Name" above
11. In the "Territory" field enter "Worldwide" or the territories where your music will be sold.
12. In the "Formats Released" field, enter the formats that the licensee will sell the licensed track(s) (i.e. Double CD, Digital, Stream, Vinyl)
13. Use the "File Upload" option to upload a copy of the "Artwork"
Contract Out Terms & Accounting
Depending on the agreement and the purpose of the license that you completed with the Licensee some of the fields in this section may be irrelevant. They are present so you record as much information as you desire.
This section lists the tracks that are associated with this "Contract Out".
14. Click the "Apply" button on the icon menu (this will save you "Contract Out" and all you to specify tracks)
15. Click "Add Track" to display the "Add a new Track to this Contract Out" pop up
16. Use the "Select Track" field to search and select the track from your catalogue
17. Enter the "Advance" value (if applicable)
18. Click the "Save" button and the track will appear in the list
Note - Repeat steps 16, 17 and 18 if you need to add more tracks. We recommend you add all tracks that are licensed and then delete any that may not be used on the final "compilation" or "product" released by the Licensee.
19. The "Additional Notes" field allows you to record any further information you like regarding this "Contract Out".