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CONTRACTS
Contracts are the foundation of the World’s day to day business, commercial and social interactions and underpin virtually everything we do. They are basically simply another name for “deals”. People can and do make regular deals about virtually anything and everything every day.
Contracts can be written or spoken. Complex and complicated. Simple and straightforward. Amended and extended. Limited and restricted. Renewed or reviewed and renegotiated or terminated for good.
Provided the matters it relates to are legal and legitimate contracts can be whatever the parties want them to be.
Why bother with them? They provided structure to working relationships and protection if any of the parties forget, mistake or forsake what the parties agreed. They are an official record of what was agreed and one may seek compensation if those terms are seriously breached.
Publicity and promotion obligations put on a movie star once a film is released is a prime example. A true expert at this is for example the great Will Smith!
In turn the movie stars themselves may insist on only working in certain conditions and these are enshrined in their contracts. They are often known as “riders”. There have been some shockers! However, of course, they may seem perfectly reasonable to the star requesting them.
Weather they are deal makers or breakers depends on how much the other side, the movie studio for instance, is willing to tolerate in order to get the star they want to appear in their movie.
Negotiation is key. As is simplicity. And also clarity.
Can help!
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