Over the weekend, Cynthia Morgan had claimed that the contract made her lose her name, Instagram account, royalties and VEVO account.
Jude Okoye went on to counter the claims made by Cynthia Morgan, had said he will be sharing the contract online.
The contract made available to Tunde Ednut and signed in October 2013, ran for 4 years and had a 2 year option renewal. It also had a 50-50 sharing formula.
See the contract below;
It can be recalled that Eldee yesterday reacted to the situation between Cynthia Morgan and her former record label boss, Jude Okoye, as he stated advised singers to not complain about contracts they signed willingly.
Taking to Twitter, Eldee, who joined the social conversation centered on Jude and Cynthia, said people cannot sign contracts and then turn around to complain of being cheated. The veteran rapper stated that if a company offers one a bad deal, it should not be signed and that if the person goes ahead to sign such a contract, it must be honored.
According to him, not honoring a contract is dangerous to growth in any ecosystem.
See what he wrote below;
“Don’t willingly sign a contract & then turn around a while later to complain about how you’re being “cheated”.
If the terms are no longer favorable, renegotiate, but remember that your partner also reserves the right to accept the new terms.
You can’t sign a financial agreement and expect to change the terms halfway into the deal, unless that option/clause exists in the agreement to begin with.
This idea that it is ok or permissible not to honor contracts/agreements that were made simply because you now feel different or feel more valuable to the partnership is dangerous to any ecosystem that seeks growth.
How can an investor trust an industry that doesn’t honor simple contracts? Why do you think it’s so difficult to attract investment in so called unstable regions? Do you realize that this is one of the primary reasons that a region/system may be classified as “unstable”?
It’s really easy to get carried away with emotions, emotions that are based mostly on he said she said. We are doing more harm than good to the industry whenever we support rhetorics that suggest unfairness, especially when the agreements were made under no form of duress.
If a company offers you a shit deal, DO NOT sign it. Once you decide to sign it, you have to honor it. Not doing so hurts everybody in the system.
If you’re not sure what the terms and clauses mean, GET A LAWYER who can interpret the terms. If considered favorable at the time of signing, know that it is binding once you do sign. There’s no turning back.
In conclusion, know that every time we get on the internet and tell the rest of the world that We believe it is okay not to honor contracts, we are hurting ourselves and our economy.
I know investors and potential partners that can give us the leverage we seek for the growth we deserve in various sectors, and they’re constantly watching us, especially in these moments. Our influencers and thought leaders need to learn to play this game better.”