Literary Lingo

It’s time for some Literary Lingo.

Today’s word is: Advance payout schedule (as defined by Rachelle Gardner)

It used to be that most publishers paid the advance in halves: half on contract signing, and half on acceptance of the manuscript. (Acceptance is typically when the MS is ready for copyediting and the editor declares it officially “acceptable” for publication.) These days many publishers are paying in thirds, with the third installment due on publication of the book. A couple of publishers (including Random House) are paying in fourths, with that last installment typically coming 12 months after publication. Sometimes the payout schedule is negotiable, and we try to get as few payments as possible.

 

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Published in: on December 1, 2010 at 9:38 am  Leave a Comment  

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