Letter of Intent (the “LOI”)
Dear Writers,
We, VitalTek, Inc. (“VitalTek”), the operator of Readict, look forward to working with you in
connection with our book-testing program. If your title passes the test, you can be a signed
author on Readict!
This letter is intended to serve as an expression of VitalTek’s and your (“the Parties”) intent of
cooperation under the book-testing program and does not create a binding obligation to
consummate the contemplated transaction. Any such obligation would be created only by the
execution of a Copyright License Agreement by both Parties, the provisions of which would
supersede this and all other understandings and communications between the two Parties.
Summary of Intent
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You will provide your title to Readict for book testing.
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Readict will test your title by sharing a small section of it with a sample group of users,
not in the Readict app.
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The title that tests well will be included in a Copyright License Agreement for which we
will pay you the license fee for use in the Readict app.
Considerations
Readict will do such things as:
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If you need and ask the same, we will provide you with a list of interested titles for
testing with a sample group of users. Testing the titles with our audience allows Readict
to determine which content resonates best with them.
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Titles are tested for a period of three (3) weeks, which can be extended upon both parties’
consensus.
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Use decision support systems and machine learning to better understand readers’
interests. Reader engagement data is measured and will be used to assess the license fee
levels.
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Readict selects strong reader engagement titles to add and applies appropriate license
fees.
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Reader engagement data includes Reading Retention Rate which is determined by the
ratio of how many users read a minimum of 5,000 words of a book to the number of
initial readers of the book during the testing period.
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For the title that passed the test, Readict will provide you with a Copyright License
Agreement, which will include fees for the title, payment, and terms.
You will do such things as:
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Check and confirm the authorization for the test does not conflict with any valid and
binding agreement.
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Collaborate with Readict to select an appropriate title for the Readict app.
