Get a record label contract drafted and discuss options for a 360 deal with an experienced music lawyer. This article is an examination of a few selected clauses from a standard recording industry agreement, better known as a "record deal."Figure out what you want your artists to be, what they have to offer, and how people will connect with the music. 2. What is a record deal? Understanding the process of signing with a label can be very helpful for any aspiring artist. We talked with Entertainment Attorney Karl Fowlkes about when artists should lawyer up and what they should look out for before signing a record deal. Over the past month, we have been going back and forth over the terms of the recording contract. Send the Record Label a "Notice to Cure" letter. 'Deal Memos' are not legally binding documents. The answer is somewhere between owing a few hundred thousand dollars to the label and millions.