I have been on Wattpad for many years and have 2 published works with decent success. I had someone contact me from the Webnovel platform. They have asked me to publish my works on webnovel and they also have an option to lock chapters and get paid in coins (I am not eligible for Wattpad Beta.)
So, they have asked me to sign a contract and since I have never signed such an official contract, I need help. I should also tell you that they had a great sales pitch telling me that they will help market my novels, even publish and develop movie (if it’s popular, no guarantees), so I was looking forward to sign with them.
So, these are the clauses that are scaring me: (Party A = webnovel, Party B= Author)
I hereby grant a full, Exclusive License for the exclusive use of global copyright and
intellectual property rights to the Work to operating company [Cloudary Holdings Limited]
(hereinafter referred to as: “[webnovel]”) of [www.webnovel.com] website. The licensing
period shall be from the date of this power of attorney until the expiration of the protection
period for the copyrights and intellectual property rights to the Work. Without the written
authorization of [Cloudary Holdings Limited], no one (including myself) shall exercise the
foregoing rights to the Work
Also, it says:
LICENSED CONTENT AND PERIOD OF LICENSING
3.1 In consideration of the undertakings of Party A contained in this Agreement and subject to the payment by Party A of the remuneration to Party B pursuant to Clause 6, Party B hereby grants to Party A and its Affiliates, and Party A and its Affiliates accept, a worldwide, exclusive (to the exclusion of any and all third parties including Party B), perpetual, irrevocable, freely transferrable and sublicensable license of the entire copyright subsisting in the Work, including, without limitation:
(i) the New Works Rights;
(ii) the Audio Adaptation Rights;
(iii) the English Paperback Publication Rights;
(iv) the Distribution Rights; together with
any and all intellectual property rights in and to the Works for any purpose, including, without limitation, for promotion, marketing, sales and any other forms of commercial or economic exploitation.
And it says:
Party B hereby waives all his/her moral rights of Work (including rights to object to derogatory treatment) under the applicable laws, except for the right to be identified as the author of the Works.
They also say that they may need revisions to the work, change my cover and do all the marketing for my books.
I will get 50% of all NET revenues from my book from all sources of where the book is published.
The lady who spoke to me assured me I could keep my work on other platforms, unless I want my chapters locked to earn money.
Any idea on if these are standard clauses? I’m really confused and will appreciate any insight.
Thanks for reading so far!