From now on, the Contracts are mandatory to determine the Royalty Splits allocated to Assets. Therefore, you will have to create a Contract for each Right Holder, then this Contract must be associated with the Assets of the Rights Holder.
This new method is not only easier and faster but above all, greatly improves Contract and Royalty management features and flexibility in future Balances per Contract, Cross-Collateralization, Escalations, and more new features.
We are convinced that this process highly simplifies the management of royalties and significantly limits entry errors.
How does it work?
Step 1: Adding a Contract
To create a Contract, go to the navigation menu on the left, open the "Rights Manager" section and click on the "Contracts" list. Then, click on the orange button "New Contract" located at the top right of the list and select one of the options in the drop-down list.
Step 2: Adding Royalty Splits to the Contract
Royalty Split is the percentage of Royalty shared between an Organization and a third party - a Payer or a Payee - such as a Supplier, a Customer, or a Right Holder.
To add or edit Royalty Splits, open a Contract and go to the Details > Terms tab.
For each Royalty Split Types, enter a Royalty Base Rate (in percent) to the Right Holder.
Step 3: Associating Contracts with Assets
Select one or more Tracks, Works or Videos to which you want to assign a Contract. Right-click "Edit" then go to the "Royalties" tab of the edit panel that opened.
Add one or more Contracts you want to assign to these Tracks, Works or Videos.
If needed, apply an Adjustment Rate (in percent) to add or remove percentages from the Royalty Base Rate.