When an author decides to publish a book or some other kind of publication, a publisher will often require what is regularly known as a publishing agreement. A publishing agreement is a contract between the publisher and the author. It contains important terms relating to ownership of the copyright, payment, and other terms and conditions. Understanding your rights as either a writer or publisher is critically important before entering into a publishing agreement.
One of the most important aspects of the publishing agreement is an understanding as to the ownership of the copyright. Keep in mind there is what is known as a "bundle of rights" associated with the copyright. Therefore, one may be able to grant, or otherwise assign, certain rights while maintaining others. Typically, a publishing agreement will have the author grant the right to publish and/or reproduce the publication. However, it is critically important to determine whether or not the right to prepare derivative works, or otherwise adapt or modify, and other copyright rights, are to be transferred from the author to the publisher. It is also important to understand whether or not certain exclusive rights will be assigned under the agreement.
Payment terms are also disclosed in a publishing agreement. Typically, royalties are paid by the publisher to the author, with an opportunity for an advancement on royalties in certain cases. Regardless, understanding what the payment structure is becomes important, especially where rights beyond mere publication. For example, such as its adaptation into a movie or otherwise, occurs.
Finally, understanding what rights the publisher has to alter the author's work, sometimes known as moral rights, is also important. The publishing agreement should set forth who is to make revisions, how they are to be improved, and when proofs are to ultimately be finalized into a completed manuscript/book/or other publication.
Both parties should consider whether or not the provision dealing with a reversion of rights is necessary. For example, in the event that the publisher does not fulfill its obligations and publish the books within a certain amount of time, rights may revert to the author so that he/she may pursue alternative publication. The same may be said if the author fails to provide the required manuscript by a certain date. Time is of the essence, provisions are also considered for these same reasons.
Ultimately, since the publishing agreement is the contract that governs the relationship between an author and publisher, both would be well served to speak with a copyright attorney with experience in publishing agreements and other publication issues that could arise in that context.