Exam (elaborations)
MBU 1110 Test 3 With Complete Solution
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MBU 1110 Test 3 With Complete Solution
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MBU 1110 Test 3 WithComplete Solution
Personal Manager's salary - ANSWER earns 15-20% on average on gross
earnings,
Personal Manager's tasks - ANSWER 1. help with major business decisions
2. help with creative process
3. promote career by hyping artist
4. assembling and heading professional team
5. coordinating concert tour with promoters
6. staying on label to maximize their efforts and have them treat artist as a
priority
7. buffer between artist and outside world
8. Can charge travel and other expenses back to the artist
Personal Manager's Term - ANSWER 1. can be for 3 to 5 years, norm is 5
years.
2. sometimes term is based on album cycle
Power Of Attorney - ANSWER An agreement with another person where that
person can sign legal and binding documents on your behalf
Sunset Clause - ANSWER outlines the terms of how a manager is paid for
, things they were a part of during the term, after the term has ended and
outlines the point at which the old manager is no longer paid
Key Man Clause - ANSWER If your contact leaves the management company,
you have the right to go with them or exit your contract with the
management company
Business Manager - ANSWER person on the team who handles the money
- doesn't have to be a CPA (certified)
- not wise to use family member
Business Manager - ANSWER 5% gross income is a normal rate or bigger acts
want hourly rate
Attorney's Salary - ANSWER Typical rate anywhere between 150 to 600 per
hour depending on clout of attorney.
Attorney - ANSWER Handles contracts, helps structure deals, negotiate deals
trademarks or licenses
Retainer - ANSWER set monthly fee to keep a laywer at your disposal. Kind of
like pre-paying for future services.
Value Billing - ANSWER fee based on size of the deal
Conflict of Interest - ANSWER Attorney cannot negotiate a deal on behalf of
2 of his own clients against each other. He either has to pick a side or let each
party get their own lawyer.
Agents job - ANSWER deals with promoters in booking live concerts and
personal appearances; Regulated by the unions;
Agents salary and term - ANSWER typically paid a 10% commission on
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