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What you need to know about ‘cross-collateralization’

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It has an intimidating name. Indeed, it takes more letters to spell it than to put it into effect. But what is it and why is it bad for authors? Most every book publishing contract will include a provision that obligates the publisher to periodically account to the author for the publisher’s sales of the author’s work. The language will probably look something like this: Payments to the Authors will be made semiannually, on or before the last day of March and September of each year for royalties due for the preceding half-year ending the last day of December and June, respectively. If the balance due an Author for any royalty period is less than $50, no payment will be due until the next royalty period at the end of which the cumulative balance has reached $50. Any offsets (including but not limited to any advances or grant) against royalties or sums owed by an Author to the Publisher under this or any other agreement between the Author and the Publisher may be deducted from any payments due the Author under this or any other agreement between the Author and the Publisher.

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