This latest in our series of articles from literary agent Simon Trewin is about contracts – the contract you have with your agent and your publishing contract.
Writing.ie are always dealing, happily, with a flow of inquiries from new writers who have finished their books and want to know what they should do next. While they have masses of content about getting published and self publishing at Writing.ie, we felt there was a need for a guide that takes the mystery out of starting that process. So, as part of the collaboration between Writing.ie and the Simon Trewin Agency, we have put together a series of articles full of Simon’s excellent advice.
See the previous articles in this series here, here, here, and here.
Here are Simon’s takewaways:
The Agency Contract
– You should always sign a contract with your agent, agreeing what rights you want them to represent and agreeing their commission. An agent ONLY makes money (commission) on what they sell for you, they do not charge you for services or expenses unless agreed in advance.
Standard commission rates are typically 15% for home sales, 20% for foreign and between 10 and 20% for TV, film etc.
– Your agency agreement gives your agent the authority to negotiate on your behalf, to submit your work to publishers and to process payments from your publisher.
– Just in case you and your agent part company at some point, ensure your agency agreement has a fair termination clause with a 30 or 60 day notice period on either side. This gives them the right to tidy up any ongoing business for you during the period but it also protects you from any open-ended complications.
The Publishing Contract
– Never sign a publishing contract without discussing it with someone who understands it. The Society of Authors offers a free service to members assisting them in negotiating contracts, so if you don’t have an agent, don’t be stuck – their membership will be the best investment you ever made! If a publisher objects to your taking advice on an offer they have made you before you accept it, then you need to ask yourself why that might be, and whether they are the right publisher for you. As soon as you have said yes to an offer you are in a far less powerful position to request an improvement in terms and conditions.
– An agent will discuss with you the terms of the contract with the publisher before it is finalised, but if you are dealing direct with a publisher, the contract they send will be less open to negotiation
– Your agent will recommend what rights you sell to a publisher based on their experience. Publishing deals in foreign language territories and areas such as audio and film or TV are all separate deals (and contracts) your agent could negotiate if those rights aren’t granted to the main publisher.
– If you have several publishers offering for your book, your agent will give you their best advice and may well advise you meet the interested parties before deciding which way to go.
Payment
– Authors are paid an advance against the royalties the book is projected earn when it’s on sale – the publisher will usually make an offer based on the number of books they feel they can sell. There is no guarantee though that it will sell sufficient copies to earn royalties.
– Royalties are based on a percentage of the published price of the book. Once your book has earned out – effectively ‘paying back’ the advance – then for every sale thereafter you will be paid the royalty percentage which will be accounted to you every six months.
– Authors advances are paid in 3 or four payments – on signature of contract, on the delivery (and crucially) acceptance of the book by the publisher and on publication.
– Advances can vary in size considerably depending on the publisher, the interest in the book and the book’s anticipated sales potential. Often the really huge deals you see mentioned in The Bookseller for instance, are a combination of all the deals done for a book and may include film, audio and foreign rights.
If you have a good agent they will act as your spirit guide throughout the process. They make nothing unless they make you money – you are both on the same side!
Above all you will feel supported and well advised by your agent. If you don’t then you need to get a new one!
Watch the video below of the conversation between Vanessa and Simon, or listen to it on your commute!
This article is the fifth in a comprehensive series of video conversations with Simon Trewin, originally published on Writing.ie here.
