Had a short look at the contract from LP if they think you are good enough .
they will be the ONLY image bank for your photos,so you are not able to sell or advertice a image somewhere else.LP has the exclusiv right to sell.
If they sell one of your photos you will get ONLY 40%
Payments to you will made only when you have reached $ 100
how long will this maybe take?Will you ever get something out of it after 2 banks took there share away?
for me it wood be a clear NO to such a contract.
Those were my thoughts too, Marlis. The exclusivity contract is for 5 years which I thought was an awfully long time to keep a photo that someone may want to purchase from me directly out of circulation. Since I am not a member of LP, I wasn't able to take a look at some of the going rates. I recommended that Randy join LP so he'd get an idea what that 40% might equal and how long it could take to reach that benchmark - working on selling one photo/month (which is probably very high expectations).
The 5 year exclusivity didn't phase him but the 500 photos per quarter was a line he missed and wasn't sure he could fulfill such a demand. It would require digitizing most of his work since he just moved to digital cameras about a year ago. Everything else is 35mm slide and print format.
I honestly didn't even think about the monetary exchange rate issue between OZ and the US. that in and of itself could really be a killer. I'll see Randy on Saturday so will mention that while we're taking a dip in the pool.