Challenge · 3 Days · Beginner
The Term Sheet Audit Simulation
Learn to read a deal by dissecting one.
In this 3-day simulation, you will analyze a sample record deal term sheet. You will learn to identify the critical clauses that determine your rights, your income, and your future, empowering you to spot risks before you ever face a real negotiation.
The plan, day by day
- Day 1Using our provided sample term sheet, locate and define the clauses for 'Term,' 'Options,' 'Territory,' and 'Royalty Rate.' Write a one-sentence summary for each.
- Day 2Input the 'Ownership' and 'Reversion' clauses into an AI chatbot. Prompt it: 'Explain the long-term financial consequences of these two clauses for the artist.' Identify the primary risk.
- Day 3Imagine your most personal, emotionally significant song is governed by this term sheet. In 20 years, who owns it and profits from it? Draft three specific questions you would ask a lawyer about this agreement.
