In this short guide, we will walk you through the basics of creating a premium ownership agreement. Let's get started!
What is a premium ownership agreement?
A premium ownership agreement is a document that is more complex than a split sheet. Like a split sheet, it lists all of the parties that are involved in the creation of a work (your content) as well as what percentage of the work each party owns. Additionally, it also outlines extremely important details such as which parties are allowed to license your content on your behalf, who may use your name and likeness, how disputes should be handled, indemnification and more.
How to create a premium ownership agreement:
1) Login to your Cosynd account and click on "Start New Agreement" on your dashboard.
Tell us what kind of content you have created and give your creation a name.
2) Tell us who you have created your content with. Organize yourself and your collaborators into a new team or select an existing team you've worked with before.
Read more about teams and collaborators:
- What is a team?
- How do I create a new team?
- Who should I add to my team?
- How do I add a collaborator to my team?
- How do I change a collaborator's details?
3) Select "Start a new ownership agreement."
Read more about agreement types:
4) Enter the information we need to complete the ownership portion of your agreement.
- Click on "Agreement Name" to name your split sheet
- Click on each of your collaborator's names to enter copyright split percentages for each person. The total cannot exceed 100%
- If you plan on working with a particular collaborator frequently you can assign a default split to them by checking the "default" box. By doing so, Cosynd will automatically assign that ownership percentage to that collaborator in all future agreements you have with them. You won't have to enter this information again whenever you work with that collaborator.
- If you are creating this agreement for a musical composition and you would like to add a publisher, publisher share, or a performing rights society click on "Add a publisher/society."
- How do I add a publisher or society?
- What is a publisher?
- What is a publisher's share?
- What is a society?
5) Click "Let's Go" to proceed with creating a premium ownership agreement.
6) To finish creating your agreement, you’ll need to answer a few questions for us.
- Click “Continue” to complete each tab of questions. Your answers will be used to build the terms of the agreement that will be proposed to your collaborators.
- You can view how your choices change the language of the agreement by clicking on "View Change log" and scrolling down to the section that matches the name of the tab you are in.
- Scroll down to the very end of this page and click on "next" to save your progress.
7) Take a moment to review your proposed terms and then click on "Send" to send your agreement to your team for their review/input.
8) Cosynd will notify you when your collaborators have agreed to your terms or proposed alternatives. With their feedback, you can finalize the terms of the agreement for signing.
From your dashboard under "Agreements," open your agreement. Navigate through the term tabs by clicking on "Continue". In each tab, Cosynd will ask you if you want to finalize the agreement with the original term you chose or if you want to switch to another term (such as ones that your collaborators have suggested). If you decide to change a term, follow these steps:
1) Click on "Adjust My Proposal."
2) Select an alternative term from the options presented to you.
3) Click on "Continue" to save the change.
Scroll down to the very end of this page and click "next" to save your progress.
Read more about agreements:
- How do I propose changes to an agreement?
- How do I view all of the proposed changes to an agreement?
9) You will be presented with your agreement that includes all of the terms you chose for the final draft.
Let your collaborators know that you have selected the terms for the final draft. If you or your collaborators wish to, you can invite attorneys to review/redline your agreement. If not, skip to step 10.
- How do I invite an attorney to review my agreement?
- What is a redline?
- How do I accept a change to the text of an agreement (redline)?
10) If there are no further changes or redlines to accept/reject, you will need to finalize your agreement so that your collaborators can sign it.
Click on to allow you and your collaborators to sign the agreement. Once this happens, you will not be able to edit/redline this agreement further. Click on "next" to complete the finalization.
Read more about agreements:
11) Sign your agreement.
To sign your agreement, choose "Accepted" as your status update.
A popup window will appear that will allow you to sign your agreement. You can type your signature, draw your signature, or upload an image of your signature to sign your agreement. After signing, click on "next" to save your signature.