It is pathetic that many artists and collectors don’t see the need to negotiate with a customer or a gallery using a contract before agreeing to sell their or create art pieces.
Therefore, different issues like customers refusing to pay for an art piece they have purchased come up. Or at other times, artists are asked to submit pieces of their work for exhibition by galleries before the due date.
Because there is no official document but the word of mouth, it is always very difficult for an artist or collector to win cases presented above. As they were more eager about how much they would make from a work of art without documenting legally the expectations and obligations of each party involved in the deal.
So, before dealing with a gallery, agreeing to a licensing deal or commission; it is advisable to ask that such a deal or agreement is lawfully documented in a contract.
What is a contract?
A contract is a way you can protect your art business and avoid unnecessary issues like customers refusing to pay as at when due or galleries asking for submission of artwork before the agreed date.
However, contracts can also be deadly if they are not properly read and examined because of hideous unfavourable additions that can harm you even faster than you think. The danger is more because there is your signature at the end of such a document which is of course legally binding.
Below are two primary elements you should examine keenly before agreeing to an art contract:
The starting point, timespan, and add on.
If you are embarking on a project with a gallery, the contract should contain clearly and concisely the commencement date of the project, how long it should take and the number of days that are allowed for an extension.
If you are selling a piece of art as an art collector, the same details should be carefully considered. That is the date of purchase, the duration of payment is made known in the contract including the number of days payment can be extended.
The promises and tasks of both parties should be stated in this section too. Also, it should be clear what the consequence[s] will be for the party that fails to fulfil their part of the contract.
When punishments for a party who fails to fulfil their part of the contract is not set, then the other party cannot hold them liable for a breach of contract.
Major Economic commitment.
The commitments are the duties each party involved in the contract agreement are expected and obligated to perform. This is the nucleus of the contract agreement and you should give this section more attention as your other commercial party is expected to do too.
This section should state specifically the responsibilities of each party, where and when they are to be executed, and sometimes it includes how they should be done. This section also includes expenses and terms of wages which could also be written separately at times.
Dates of payments, procedures payments, hidden taxes or fees, and who is responsible for particular payments are included or checked.
Signing a contract involves carefully looking out for details that can harm you or lead to exploitation. When the contract is effectively scrutinized, it helps you avoid misunderstandings and experience a hitch-free process.