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The artist manager's duties should include:

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1.advising the artist in all business negotiations and other matters relating to their career 2. supervise live engagements (as compared to booking) 3. assist the artist with booking agents 4. be available to confer with the artist on all matters concerning their career.

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Managers typically charge a commission ranging from ______________ of the artist's gross entertainment income. However, in some instances, the successful artist may retain the manager on a fee arrangement.

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15% to 25%

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A power of attorney is

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an instrument authorizing another person to act as one's agent or attorney.

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Normally a manager is _________ for all direct expenses incurred on behalf of a particular artist

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reimbursed

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In most management agreements, the artist grants the manager an _____________________

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exclusive right of representation.

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The term of most management agreements ranges from_______________with option periods exercisable by the manager. From the manager's viewpoint, a long-term agreement is beneficial in protecting the manager's investment. On the other hand, the artist would prefer a shorter period.

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one to five years

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In most management agreements, if a manager negotiates a contract for the artist and revenue from that contract is received after the term of the management agreement expires, a manager is still entitled to a commission on that specific income, which is called a :

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post-term commission

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. A "sunset" clause in an artist management agreement

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reduces over time the post-term commissions paid by the artist to the manager.

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Arbitration

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is a procedure for resolving disputes without having to resort to litigation in a court of law; The person conducting the hearing is not a judge, but rather someone knowledgeable of the subject matter in controversy.

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Mediation

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urges both parties to agree to the terms proposed by the mediator.

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A fiduciary relationship

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carries a greater degree of accountability between the parties to a contract than is normally the case

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A key man clause in an artist management agreement

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allows the artist to terminate the contract in the event his/her manager is no longer associated with that company.

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A manager can be named a ____________ under a life insurance policy insuring the artist.

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beneficiary

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An indemnity and warranty clause in a contract requires the artist to

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guarantee certain facts to the manager such as the artist is not under another management agreement; the artist has the authority to execute the contract; and the artist is over the age of majority. If a claim is presented against the manager, the artist may be responsible for all damages, including attorney's fees, incurred by the manager.

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Most management agreements do not require for the manager to do what? California law, however...

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the manager to obtain employment for the artist; prevents a manager from booking shows for the artist.

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The standard fee for a business manager with music business experience is

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5% of gross income.

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An artist's attorney will negotiate a reduction in the management commission in the event of the

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manager's death and/or disability.

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A jurisdiction provision in a contract

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provides which state's laws govern this agreement.

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An assignment clause usually grants the manager the right to

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transfer the agreement to a third party, sometimes, subject to Artist's approval.

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An audit allows the manager to

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examine the financial books and records of the business manager as it relates to the artist and payment of management commissions.

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Most management commissions and reimbursement of expenses are paid to the

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manager monthly once gross entertainment income for a particular month can be determined.

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Written notice under the management agreement is generally required

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before either party can claim breach of the agreement and notice usually is through U.S. mail, overnight and/or personal delivery.

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The RIAA stands for

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The Recording Industry Association of America

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"The Artist is the ___________, The Artist Manager is the ________."

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Corporation; CEO

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What state prohibits a manager from being a booking agent?

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California

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Your record producer or publisher should/should not be your personal manager?

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Should NOT

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What is the "lifeblood" of the music industry?

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Finding, developing, and exploiting talent

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___________ management involves engaging the services of a person other than the artist to provide certain specific management services. The artist performs all other management functions not delegated to the manager.

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Limited

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What is the greatest disadvantage of self-management?

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Many artists simply don't have the experience and expertise needed to manage their own careers effectively.

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________ Management involves an individual or management firm that is completely involved in the creative and business development and maintenance of an artist's career.

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Total

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If an artist is serious about a career in the music business, they should probably move to a music center such as .....

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Nashville, LA, Miami, Atlanta, or NYC

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An artist's promotional package should include these 4 things:

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a Photograph, a brief bio, press clippings, and a professional demo of 2 or 3 of the artist's best songs

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Probably the MOST critical factor in determining a potential manager's credentials is his or her __________ in the industry.

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Reputation

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Managers normally charge a commission ranging from ______-_______ % of the artist's GROSS earnings.

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15-25%

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An artist will always prefer to pay the manager based upon the artist's _______ earnings rather than the artist's _________ earnings, however managers insist on being paid on _________ earnings.

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Net; Gross; Gross

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___________-______________ occurs when an artist's manager is paid a commission on the artist's gross earnings while also receiving other income from the artist.

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Double-Dipping

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AFTRA stands for...

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The American Federation of Television and Radio Artists

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AFTRA represents.....

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Singers

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AFM stands for

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The American Federation of Musicians

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AFM represents...

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Musicians

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A manager should know the artist's career history and financial situation both _______ and ________

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Professionally and personally

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A road/tour manager for a national act is a good training experience for ________ managers.

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Personal

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An artist's talent is or isn't enough?

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Is not

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What other things are equally as important, if not more so, than an artists talent?

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Attitude, cooperation, self-confidence, persistence, drive, and personality

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A strong artist-manager relationship is similar to a good _________.

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Marriage

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An extended _________ or _________ offers both the artist and the manager the opportunity to evaluate the other.

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Dating or courtship

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____________ is important between artist and manager such that there is a basic com for level accompanied by mutual respect and a sense of professionalism.

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Compatibility

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___________ is the intangible quality of an artist that separates stars from talents; draws the line between wanting and getting.

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Belief

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The manager should/should not be expected to make loans to the artist?

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Should not

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Charism is that exceptional ________ quality generated by an individual that makes him or her stand out in a crowd.

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"Star"

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An escalating manager's commission percentage goes up as the artist's ______ earnings increase or could just as easily __________ if the artists earnings increase.

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Gross; decrease

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A good artist manager probably has experience in:

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management, booking, recording, engineering, producing, music publishing, or public relations.

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An artist manager succeeds in the music business through ______ and ______ into the industry.

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Contacts and insight

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An accountant should file the necessary state and federal tax returns on behalf of the _________.

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Artist

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A manager is probably not one of the following....

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A publicist, graphics specialist, choreographer, recording engineer, studi musician, sideman, or songwriting partner.

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A _______ proprietorship is business conducted by one individual who is the sole owner.

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Sole

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A sole proprietorship is the _________ form of business to start and does not require contracts.

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Simplest

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In a sole proprietorship _______ person makes decisions.

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One

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In a sole proprietorship, the sole proprietor is entitled to _______ _______ and ______ all _______

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All profits; absorbs all losses

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Sole proprietors may be required to provide ___________ ___________ insurance

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Workers compensation

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A ________ is an association of two or more persons conducting a business on a continuing basis as co-owners for profit.

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Partnership

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What are some things needed for a partnership?

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A written partnership document; each partner may bind the other for his.her actions; each is liable for the business debts; personal assets of the partners can be taken by the creditors of the business; death of withdrawal of a partner will dissolve the partnership unless written doc. provides otherwise; all partners participate in business

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A ____________ is a separate, legal entity recognized by state law.

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Corporation

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A ________ ________ company has elements of both a partnership and a corporation.

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Limited Liability

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A ________-________ Agreement specifies how death or withdrawal of a member is handled so that the entity continues to exist without disruption

answer

Buy-Sell

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