What Is Included In a Literary Agency Agreement?

For most writers yearning to get their work published, getting a literary agent to represent you is the first step that could determine whether you can make it or break it. After all, agents over the years have become pathfinders to getting books published.

But before signing on to an agreement, you may wonder what things you should consider. After all, there are many firms out there that may not be legitimate. Thus, it would be wise that you evaluate the terms and contents stated in the condition the agency offers you.

Duration

The term or duration of your agency agreement is a critical factor for you to be able to make decisions regarding your career moves. The range of terms may vary from thirty days to the whole duration of your works copyright.

Most authors would not want to be bound to an idle agent for a long time, but agents on the other hand, would not sign up with clients whom they know would not be around for a while. And so, the best arrangement is one that includes a 30-day termination provision that can be used at will by any party. This serves as a trial period to try and see whether your professional author-agent relationship can work.

However, if you have already signed up with a long-term deal, make sure you retain the right to terminate your agreement if your agent has not helped you sell your book within a certain period of time.

Scope

Typically, most agreements give the agent rights to represent your work internationally, in all types of media, as well as in all formats. And all existing works that you have made during the term of your contract or whatever conditions have been agreed upon will be covered.

Take in mind that this type of agreement may not always work out for you, and so, it is best to consider negotiating that your agent should limit his or her control to specific projects, especially when you are just starting out. If things go smoothly with your agent, you can always adjust and broaden his or her scope of control later.

Also take note that you may want to use a different agent when it comes to dealing with subsidiaries like film, audio, and foreign deals. This may be applicable if you feel that your agent is not much of an expert in a specific market.

Commission

Usually, this part of the agreement is non-negotiable. Most agents charge a fifteen percent (15%) commission from your royalties. Aside from this, an additional five to ten percent (5-10%) for international distribution can be further expected of you, as your agent may need to compensate his sub-agents in foreign countries. Thus, you should expect to pay as much as a twenty-five percent (25%) fee for a foreign sale.

However, there may be an exception if you have found a foreign publisher yourself and you simply want your agent to negotiate the deal for you. In this case, some agents may be willing to lower their usual commission.

Disbursements

Since agency contracts usually require that the agent will receive royalties and advances from the publisher, make sure that your contract includes an agreement that all funds received on your behalf should be deposited in a separate and private account instead of your agents general account. Also make sure that your contract provides that you will receive your regular payment within no more than 10 business days.

Expenses And Accounting

It would be wise that you negotiate with your agent that as much as possible, expenses charged to you should only be those that are excessive and unusual. Of course, such expenses should not exceed a specific amount without your permission and should not be taken directly from your pocket, but should be deducted from future royalties instead. If your agency agreement would absorb most client expenses as a part of their commission, then this would be a better deal.

In addition to this, make sure that your agent is willing to regularly provide you with an accounting report along with other required IRS documents at least once a year. Through this, you would be able to determine that cash flow from your royalties is going to all the right places and your agency is not scamming you.

Powers And Assignment

Beware of agreements that give your agent different powers that originally only you should have. Such powers may include, being able to sign checks and contracts on your behalf. Your contract should also not be transferred to a different firm or even to a different agent without your permission.

If too much power is given to your agency, then you should negotiate to decrease them, especially if you have not yet garnered an element of trust with your agent when you are starting out.

Bankruptcy, Disability, And Death

Check if your contract includes the clause that all your royalties may be transferred directly to you, in the event of bankruptcy, disability and death to your agent. In this way, your royalties would not have to be tied up in court due to the events that your agency may experience.

Remember that a literary agent is supposed to help you to have a voice that will be heard by your publishers and not to be your actual. Make sure that you review your agency contract properly to find out that you have the right representation behind you that would support your best interests.

There are many firms out there these days that may scam you with your creative abilities. These people may make themselves rich in your expense, and the only way they could do this, is if you allow them to do so. Be smart in signing any contracts and stay true to upholding the value of your intellectual property.