If you have incorrectly set up a deal on one of your Contracts In and generated an incorrect statement for your artist. You will need to amend the contract and regenerate the statement.
A correction on a contract you have not yet paid is much easier to fix than a contract you have paid. The number of licensors involved can also add to the complexity of the solution.
Below we detail some of the options for contract correction.
How To Correct A Contract That Has Not Yet Been Paid
If you have not yet paid anything to your licensors on the particular contract, then it is relatively easy to fix. You can follow these steps:
- Find the attached Statements - On the contract details screen, select the statements tab and copy the statement reference number.
- Delete the Affected Statements - From the top menu, select Royalty > Licensor Statement Listing. On the statement listing page, you can now search the 6-digit statement reference number to locate the relevant statement and then delete it by clicking the red cross on the right side of the screen.
- Amend the Contract In - After deleting the statement, you should find that the contract in is now unlocked. You can make the necessary amendments to the contract.
- Regenerate The Statements - As you have now corrected the issue, and added previous amounts paid as an advance, you can regenerate the statements for this contract.
How To Correct A Contract That Has Already Been Paid
This correction is more complex than most. Generally, the reason for correction will be an issue with the Royalty percentage or the licensor share percentage. As something has already been paid at an incorrect rate, the best action to take would be to deactivate this contract and start a new contract with the correct details and a small correction added to compensate for the incorrect rate.
- Deactivate the Contract - You can do this by unticking the Active Contract option at the top of the contract. This will now inform the system to ignore this contract completely.
- Recreate the Contract - You can now create the contract again with all of the correct details.
- Add The Correction As Advance - We need to make sure we correct any differences caused by whatever issue you may have. This is done by adding the amount of whatever has been paid to the artist as an Advance, and marking that as paid.
- Regenerate The Statements - As you have now corrected the issue, and added previous amounts paid as an advance, you can regenerate the statements for this contract.
IMPORTANT - Don't forget to delete any other incorrect unpaid statements from the now-deactivated contract.