All contracts are based on a 10-year time period. After 10 years, the author/ purchaser has the option to buy out TimelessAudioBooks.com to receive 100% rights and residuals OR reinstate the current contract for 10 more years totaling no cost. All orders require a 25% down payment, there are no refunds after a 25% down payment has been made. Once the total agreed upon price has been paid in full, the sale is FINAL. If an author/ purchaser chooses a higher residual than 25% but decides to cancel the transaction before sending final payment, will not be penalized for the remaining agreed upon %, yet will not receive a refund on their 25% down payment.