When creating a new contract or editing an existing contract under Rights, the third tab that appears is Payees. Identifying payees and their percentage share may be edited at any time.
In this tab all eligible payment recipients are defined. The sum total of all payee shares must equal 100%.
Select an existing payee if you have previously entered a relevant person in a previous contract or identify the details of the payee.
When editing a contract, click the name of any existing payee to edit their details.
- Payee Name: This is the legal name of the Payee
- Starting balance: Include the amount of money outstanding from other contracts or advances.
- Share %: This is the payee’s share of the royalties.
- Email: This is the payee’s email address, used for payment and report notifications. You may enter more than one address.
- Commission payee: Select either Yes or No
- Yes: The payee receives their percentage share subtracted from your share.
- No: The payee receives a percentage share independent of any other payees
- +Payout and contact info: Click this link to either enter the payee’s information, or to invite them via email to fill out their information themselves.
- Click “+ Create a new payee” and enter the relevant information until all payees have been included and the Total % is equal to 100%.