A
Matter of Trust: Soprano Style
Dear
Associate,
If
you've watched The Sopranos you know one of the most sacred
honors that bind this family organization together is trust.
To become a member of this family you must prove yourself,
and if accepted, cement this relationship through a blood
covenant.
Afterwards your new family becomes your number one priority.
Twenty-four hours a day. Everyday. And once you're in—there
is only one human way out.
Your
new family becomes the highest priority in your life. They
become more important than your own family. You do everything
the family leaders want you to do without question. Every
action hinges on loyalty and trust.
How
would this family handle a breach of trust? They have many
solutions depending on the severity of the crime. And punishment
is usually harsher than a slap on the wrist.
Yet
in today's I, Me and My society people casually commit multiple
breaches of trust. Relationships, partnerships and contracts
are violated without an ounce of regard to the other party
or to the consequences. Which creates overflow in the courthouses.
As
honest business people I know we're in agreement when I say
you don't want to become a victim of unscrupulous practices,
jealous partners or the ever-common business parasite who
bleeds your creative juices without compensation. This can
happen to the best of us, and unfortunately, the perpetrator
normally gets away without penalty. You can vent all you want
at the Better Business Bureau, but they don't have a lot of
teeth.
So
how can you protect yourself from these kinds of business
deal breakers?
Put
everything in writing. This is your proof. Avoid oral agreements,
as they can backfire on you. You don't want to be dragged
into court saying, "But your honor, she promised me she
would do..."
(Here's
my disclaimer: I'm not an attorney and this isn't legal advice.
Consult your attorney about legal documents and forms.)
Let's
take a look at how you can protect yourself:
1)
A proposal basically shows the potential client what you will
do for her. It can include ideas, strategies, your fees and
if approved—what the next step will be for both parties.
2)
A work-for-hire credits you, the hiring party, as the author
of a published work. If you hire a ghostwriter to write your
book, a work-for-hire credits you as the author. Other variables
may credit the actual author as the co-author or as the inspiration
for your work.
3)
A deal point memo is a pre-cursor to the actual contract.
It summarizes everything in the contract and must be signed
by both parties. This makes the contract crystal clear for
both parties and saves the expense of lawyers' fees in case
one party backs out at the contract signing.
4)
A copyright automatically protects all your written works,
expression of an idea or information regardless if you display
the © symbol or not. A similar (P) inside a circle
means Phonorecord and protects audio recordings. It's a great
idea to file copyrights for revenue-producing products.
Many
people ask what they should do if they see their published
work pirated into different languages. Here's my take: you
may lose lots of revenues, but you may also reach markets
you never would have in record speed. I suggest you have signposts
in your work that always point back to your phone number,
your address and especially your website.
5)
A contract is a legally binding agreement or promises between
two parties. It basically details both parties' responsibilities,
the compensation and what happens when one party backs out
of the deal. You should include non-compete clauses, rights,
waivers, warranties, arbitration and attorney fees. These
are usually drawn up, or at least proofread by an attorney.
6)
A signed audio/video release gives you certain rights to produce,
publish and promote your recorded materials without compensating
the participants. This is ideal if you give seminars and teleseminars,
which you want to package into CD or DVD albums. You may bar
individual participants from attending your event who won't
sign this release.
7)
A trademark
™ distinguishes its products or services from those of
other entities. It adds a great deal of credibility and tells
the world you stand by your products. It's typically made
up of a name, slogan, phrase, logo, design or image. If your
trademark is not actively used or promoted for a period of
time, you may lose it due to abandonment.
In
an ideal world, all we would need is to shake hands to complete
a deal. If that's impossible due to long distance, your word
will do. But this isn't an ideal world. Get together with
your attorney to protect yourself from all breaches of trust.
Warm
Regards,
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