5 REASONS TO GET A PRENUP... or a BAND AGREEMENT
TO HAVE AND TO HOLD
Who decides what? Who gets a vote when booking a gig or bringing in a new band member? Is it unanimous or 50% + 1 ? Last thing you need is a disgruntled band member with microphone access...
How are you splitting royalties & profits? Equal parts for everyone sounds fair, but is there a band member taking care of all the social media, bookings, marketing & general admin? Should they get a bigger piece of the pie or are they compensated by the hour?
... AND FOR POORER
Who pays for what? Waiting for the tow truck next to a broken down van is not the time to decide who covers repairs. Are you using rentals or personal vehicles? What's the rate per km? Which expense is covered by the band & which isn't?
(Hint: Your bar tab usually isn't...)
IN SICKNESS & IN HEALTH
What happens if a band member is sick? Do you cancel the gig or hire a sub? Who pays for the sub? What if someone quits?
'TIL DEATH DO US PART?
What happens when you split up? Who keeps the band name? How are the profits or debts divided? What happens to the equipment?
Without a band agreement, the NB Partnership Act is automatically in effect. You might find yourself in a binding contract you never signed or liable for someone else's debt.
Look online for free band partnership templates (www.lawdepot.ca) or contact Music • Musique NB for an entertainment lawyer reference.