Almost everything done today is governed by contracts. Even in families, people have to sign contracts that define what happens should there be a termination of that marriage. The following are the types of contracts touching on the music industry, domestic issues, business and construction.
Types of Contracts in the Music Industry
In music world, band members may decide to jump ship at any time. This is why it is important to sign an agreement with them regarding the intellectual property. When you are signing them, use this type of contract to demand that they give up all their rights before starting.
This allows you to share what plans you have with other band members, and you don’t have to worry about that information getting to the public. If it does happen, you can sue the party and you will be rightfully compensated.
Assignment of Copyright
This is important when it comes to other musical elements like the band logo. It is what gives you entitlements to all the rights of your logo. You can then use the logo on your albums, t-shirts, all your poster, beer holders and shirts.
Live Performance Contract
This is your guarantee that you will be paid after performing. There are some clients who will try to get all excuses so that they don’t pay you after performance. This is why, before you agree to perform, have your agent remove the live performance contract, and it should be signed by both parties.
Band Partnership Agreement
This type of contract is very important if you belong to a band in which all people seem to hold equal stakes. This agreement solves important details which are necessary in avoiding fights when the band breaks up.
Types of Domestic Contracts
There are legal agreements governing legal intimate relationships. They include the following:
You can make this agreement after or before you move in together. This agreement allows you to organize certain things in your relationship, e.g. matters of finances. It also sets out n what to do in case the relationship comes to an end.
This is just like the cohabitation agreement above, the only difference being that it is used by couples that are in a marriage. For people who plan to marry, this contract is called a prenuptial agreement. It also talks about what to do in case the marriage ends and also how to go about in finances.
Marriage and Family Property Contract
Being in a marriage, you are entitled to share the value of your property, and this includes the home that you live in. This is what is known as matrimonial home. According to the law, you and your mate have same rights to living in your matrimonial home.
This agreement enables you to deal with critical issues when the marriage collapses. This contract applies to both those who are married legally or who live in common law relationship.
Types of Construction Contracts
Guarantee Maximum Price
This type of contract enables a construction contractor to be compensated for actual cost incurred, and also a fixed fee that is subject to the ceiling price.
Under this type of contract, the contractor builds a project with defined scope and he is paid a fixed amount.
The contract works where there is an estimated quantity of items that are to be included in a project as well as their unit prices. The price you will be paid finally is determined by quantities that will be required to complete the project.
Under this agreement, the purchaser assumes the responsibility to cater for the cost of the project. This includes labor, equipment and materials.
Cost Reimbursable Alternative
This contract stipulates that contractors are compensated for the job with a combination of fixed or incentive and reimbursable costs.
Integrated Project Delivery
The type of contract requires that all the stakeholders are involved. These are owners, builders and designers, as well as other important players. Any risks or reward coming out of the work is equally shared by everybody involved.
Types of Business Contracts
This defines how you use the rented space. It also sets out who should pay for any improvements.
This transfers ownership of properties. It also provides very detailed information on the kinds of goods that are being sold.
There are several contracts regarding this type of contract. They are employment agreements, employment confidentiality or non-compete and employment separation agreement.
This is suitable for someone who wants to buy a franchise. It sets out the terms of cooperation regarding what a franchisee can do and what he cannot do.
Defines how people who come together in a business should relate. It sets out what to do in case the partnership is dissolved and also the manner in which profits are to be shared.