10 Questions a Parent of a Student-Athlete Should Ask About a Contract
What are the key terms of the contract, and how do they impact my child’s rights and responsibilities?
It’s important to understand the major provisions in the contract and how they affect your child’s use of their name, image, and likeness, as well as their obligations.What is the compensation structure, and how is my child paid for their involvement in the contract?
Ask for details about how the athlete will be compensated—whether it’s a lump sum, recurring payments, performance-based bonuses, or other forms of compensation—and the timeline for payments.What is the length of the contract, and are there any renewal or termination clauses?
Clarify the duration of the contract and understand under what conditions the contract can be renewed, extended, or terminated, either by your child or the other party.Are there any exclusivity clauses that prevent my child from working with other brands or companies?
Understand if the contract includes any exclusivity provisions that would restrict your child from engaging with competing brands or signing similar deals during the contract period.What intellectual property (IP) rights does the brand or sponsor have to my child’s name, image, and likeness?
Ask about the specifics of how the brand can use your child’s IP (such as photos, videos, and name) and whether the rights are exclusive or limited in scope and time.What happens if my child fails to meet the performance requirements, and are there penalties or consequences?
Inquire about any clauses that outline consequences for not meeting performance expectations, such as missed appearances, social media posts, or other promotional requirements.How is my child’s privacy and personal life protected in the contract?
Discuss provisions related to privacy, ensuring that the contract respects your child’s boundaries and limits any invasive demands, such as overly public exposure or excessive time commitments.What happens if there is a breach of contract by either party, and what legal recourse does my child have?
Ask about the steps and legal protections in place if the other party fails to honor their obligations, and whether there’s a clear process for resolving disputes.What tax implications should we be aware of with this contract, and how can we manage the income responsibly?
Discuss the tax responsibilities associated with NIL income, including self-employment taxes, and ask if the contract addresses how to handle these obligations, such as withholding taxes or providing tax advice.Is there a clause about future opportunities or extensions, and how does the contract impact my child’s long-term career?
Inquire about how the contract fits into your child’s long-term goals and if it leaves room for future deals, professional opportunities, or career growth after the agreement ends.
For further questions or guidance, feel free to reach out to me at in**@**********************es.com. I’m here to help ensure your child’s contracts are fair, clear, and beneficial to their future success.
These questions will help ensure that your child enters into NIL agreements with a clear understanding of their rights, responsibilities, and how to protect their interests both now and in the future.