Exclusive multi-option recording and music publishing agreements display extraordinary characteristics in the law. These contracts depict not only the exclusive nature of the professional service(s) restraint of musical artists, but also the exclusive control over the copyright in the musical work(s). They illustrate the operation of two distinct forms of exclusivity which are unique to the practices of the music industry. Both types of restraint are significant because they usually operate over a number of years, and are influential in the shaping of musical careers. This thesis considers the principles, policies and practices which influence the interpretation of fair terms in these contracts. The function of specific contractual terms and their roles within the operation of the agreement will be examined. In particular, the interaction between the two types of exclusivity and the terms of contractual remuneration is considered in depth. This examination is quite unique not only because it considers the role of exclusive copyright within the operation of contract doctrines but also in terms of the recognition of the conceptual link between copyright and royalty payments. Bargaining priorities will also have to take into account crucial socio-economic background factors (including the effects of information technology), against which these contracts are being negotiated, as well as the theoretical foundations of legal interpretation. With regard to the latter, the theoretical model endorsed in this thesis is one based on liberal egalitarianism. This theory emphasises a primary concern for contractors as individuals and interprets a successful contract as a product of a co-operative rather than a competitive relationship. The laws and practices of the UK and the US (New York and California), which are the economic leaders in the 'pop' music industry (the focus of my study) will be discussed. The volume of work, expertise and experience in these jurisdictions has provided the most important illustrations of law and practice in the music industry.