Saturday, June 12, 2010

Veer Changes Contributor Agreement

Veer has made changes to their Contributor Agreement and plans to relaunch this summer their website with a new look, changes take place July 10th.  The largest change is they are no longer paying out any left over cash at the end of the year, you must now reach $100 before you can get a payout.  If you don't hit a $100 by the end of the year, the left over cash will roll over.  See below highlighted comments.

Why is there a new contributor agreement?
As is going to be relaunched this summer, we have updated the Contributor Agreement to support its new features and changes.

What are the changes?
There are a few key changes to note. The following can be found in section IV-E of the new Contributor Agreement and are explained in more detail below:

• The ability to purchase microstock images with cash is one of the most significant enhancements to the re-launched Veer site. The new agreement allows Veer to calculate contributor royalties from cash purchases.
• Removal of the automatic end-of-year payout for royalty balances that haven’t yet hit the $100 minimum payout threshold.
• Removal of the term “Marketplace” from the site, customer facing pages, and Contributor Agreement.

What do these changes mean, and how do these changes affect me?
• Microstock Cash Purchase Option: The addition of the cash purchase option for microstock is great news to contributors as it means your images will be available to Veer customers who prefer to use cash to license content. This introduces a new customer base to your images – many of them are larger clients with larger budgets. This won’t change what you see in your Dashboard. When a microstock image is purchased with cash, the displayed credits price will be used to calculate your royalty – same as we do now. Your royalty payout remains the same.

• Cancel Automatic Annual Payment: Due to escalating costs to process low-dollar royalty payments, we have removed the automatic end-of-year payout, bringing Veer in line with industry standards on this policy. If you don’t surpass $100 in accrued royalties in a given year, your royalties will roll over into the next year. You will be paid once your accrued royalties hit $100 or more.
• Retirement of the term “Marketplace”: To simplify the customer experience, we are removing the term “Marketplace” from the site, customer facing pages, and the Contributor Agreement. Now it’s just “Veer” again. Simple!

What’s the difference between the Contributor Agreement and the Contributor Agreement Compare?
The Compare or “Redline” version of the document allows you to more easily see changes between the old version of the Contributor Agreement and the new one. New text added is in red. Text that has been removed is shown in red with a line through it. View the Compare version here:

If I want to opt out of the new agreement, what do I need to do?
If you choose to not agree to the terms of the new Contributor Agreement, then you must cancel your Veer account prior to July 10, 2010. Contact us at to request to cancel your account.

If I am okay with these changes, is there anything I need to do?
Nope. You’re all set. Keep uploading your images and stay tuned for more news on the relaunch later this summer.