There are no rules to co-writing, but if you are thinking about starting up, here are a couple of guidelines  you might find helpful:

1.   Set the same day and time every week.
2.  Decide first how you want to split the royalties (50-50 is good to start, but you can also decide on an alternate percentage if one of you contributes more).  It is very important you establish this first.
3.  Choose a location that is free of distractions.
4.  Even if nothing happens the first time (except the sound of crickets),  give it at least a four-week commitment.
5.  If you ‘hit a wall’, try calling in a third songwriter.
6.  If, after a few times meeting together, you decide it isn’t a good fit, remain friends.  Leave the door open for communication in the future, and sharing ideas and contacts.
7.  Keep coming to the Alpha & Omega songwriters meetings, to meet new people, and gain fresh perspectives.

Here is some expert advice from Jeff Goldmacher who writes articles for BMI:
http://www.bmi.com/news/entry/the_dos_and_donts_of_co-writing

 

 

 

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