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Ed Endicott

How often do contracts get updated?

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Had an image license pop up today which I thought was a good sale...but it has me wondering.

 

According to the text on the sale, the terms of the sale were based on a contract that was signed in June 2008.  I thought it was a bit strange that the contract is almost 7 years old (and 2008 was the height of the worldwide financial crisis).

 

Given prices are part of the terms of the contract (and believe me, I am pleased with the price of this image license as compared to others), I'm just curious if anyone knows how often contracts get updated?

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