The different Contract In settings in RoyaltyWorx allow you to replicate your deals accurately and cover a number of different scenarios.
This article gives you an overview of those settings and an understanding of what you can do with RoyaltyWorx Contracts.
IMPORTANT - if you do not see all of these settings, switch the Contract In to “Advanced Mode”.
The settings we'll reference can be found on any Contract In and is the right-hand side section of the screen, as shown below.
1 - Active Contract
The “Active Contract” tick box allows you to enable/disable a Contract In from being generated.
IMPORTANT - this does not prevent the licensor from being able to invoice for outstanding statements from the Contract In.
2 - Category
The Category dropdown allows you to assign the Contract to a selected Category. This can then be filtered on the Contract Ins list, or when generating a statement batch to help manage & group certain Contract Ins together.
To add a new Category, simply head to Royalty > Maintenance > Contract Categories. Select New (icon menu), then name the Category accordingly. You can then head back to the Contract In & change this to the newly added Category.
3 - Label
The Label dropdown works similarly to the “Category” dropdown. It can again be used to search through the Contract list or to generate a statement batch that includes just the Contract for a particular label. By default, it will automatically be set to the label of the first version of the track/release that is added to the Contract In.
4 - Contract Name
The “Contract Name“ field is simply the name of the Contract In. This can be referenced when using the search function and it will also display on the licensors statement. It is good practice to ensure the contract name correlates to the information on the Contract In so it is clear to you and your licensors. By default, the contract name will populate with the name of the first track/release you add to a Contract In.
5 - Rights
The Rights setting is for your internal reference, it allows you to state whether the Contract In is on an Exclusive or Non Exclusive deal.
6 - Track Options
The Track Options field is for your reference only and for you to keep a record of how many track options were signed, if applicable.
7 - Contract Royalty Share
Contract Royalty Share can be used to split multiple Contract Ins with a further breakdown.
For example, you could create 2 x 10% Contracts. Each for 1 different licensor. Setting their Contract Royalty Shares to 50% would mean each licensor receives 5% in total.
8 - Auto Add Bundled Tracks
Auto Add Bundled Tracks will automatically pull through tracks that are bundled/copied in the system onto the Contract In & mark them as “In House”.
9 - Reference
The Reference field is similar to the Contract Name, in that it is used as a reference when using the search function. It is automatically populated with the catalogue number of the first release/track that’s added to it, but you can also change this if needed to help with the organization of your Contract Ins.
10 - Advance
The Advance field states the total amount of Advances added to a Contract In for internal reference. You can also click on it to add an additional advance.
11 - Remix Options
The Remix Options field is for your reference only and can be used for you to keep a record of how many remix options were signed.
12 - Contract Start Date
Contract Start Date is used as a reference when generating statements. By default, it will populate with the release date of the earliest released track on the Contract In.
IMPORTANT - If no release date is specified, however, it will default to 00/00/0000 & will not be picked up when generating a statement.
13 -Statement Interval
Statement Interval is an internal reference feature that populates the “Next Statement Due” field. This is purely for internal reference & does not display on the licensor's statement.
14 - Last Statement Created Date
The Last Statement Created Date field highlights when the last statement for this Contract In was generated and is purely for internal reference.
15 - Contract End Date
The Contract End Date prevents statements from being generated once the date is reached, similarly to the “Active Contract” tick box. This does not prevent licensors from being able to invoice for outstanding statements.
16 - Next Statement Due
The Next Statement Due date is dependent on the Contract Start date & the Statement Interval fields and is just used as an internal reminder as to when the next statement should be generated.
17 - Last Statement Sent Date
The Last Statement Sent Date states when the last statement was sent out to the licensor. Again, this is used for your reference only and can be useful with the organisation of your accounts.