Anime News Network has posted part 2 of its how anime is licensed series. Here is an excerpt of this must read article.
I completely agree. As I said back in 2006 anyone can say anything during verbal negotiations, however, it is what is written into the contract that matters at the end of the day.Before anything can actually happen, the two parties must come together on a written contract. While people who have never had to deal with contracts might think of them a something of a formality, the truth is that creating them is the hard part. At this stage, every detail of how the two companies are to cooperate needs to be worked out and agreed to on paper, and then signed off on by a senior executive at the company (and the creator's agent, and possibly the production committee). Needless to say, this is where things can get seriously messy.