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 is not as 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
You will provide your title to Readict for book testing.
Readict will test your title by sharing a small section of it with a sample
group of users, not in the Readict app.
The title that tests well will be included in a Copyright License Agreement
for which we will pay you the license fee for use it in the Readict app.
Considerations
Readict will do such things as:
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.
Titles are tested for a period of three (3) weeks, which can be extended
upon both parties’ consensus.
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.
Readict selects strong reader engagement titles to add and applies
appropriate license fees.
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.
For 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:
Check and confirm the authorization for the test does not conflict with any
valid and binding agreement.
Collaborate with Readict to select appropriate title for the Readict app.
Provide Readict with txt / doc / ePub files (if possible) of the title for the
testing period.
Agree to engage in a Copyright License Agreement for the title that passed
the test.
Recommend additional titles to Readict throughout the term of the
Copyright License Agreement.
Expenses
All Parties agree to pay their own respective expenses incident to the LOI, any final agreement,
and any negotiations.
Questions and Comments
If you have any other questions or suggestions concerning the LOI, please contact us via
writersupport@vitaltekinc.com.
With Regards,
VitalTek, Inc.