Urgent help: Selling a story to a paper; how to play it ?

In My Humble Opinion
1

There’s a story in the UK at the moment about which I know more than almost anyone else. It’ll blow over in a couple of days but right now people are interested – it’s a pretty ‘warm’ human interest meets shady dealings/murky underworld-type story (at least it will be by the time they’ve finished with it), but unfortunately it’s not desperately ‘hot’.

So, just in case they’re interested and I can make a few bob on my past ‘doings’, I’ve contacted the editorial people at various national ‘papers and, maybe, they’ll be interested in buying what I know. I’ll know more by lunchtime tomorrow when the day editors show up and weigh what they have.

Thing is, how do I play this if the phone rings ?

What I’m doing is writing a kind of ‘synopsis’ of what I know, detailing all the information and knowledge I have that’s maybe, or maybe not, be worth buying. That way I don’t give away ‘the farm’ by being pumped over the phone.

I’m thinking of asking any ‘paper that’s interested to bike over to me a signed agreement which, in effect, would say they can read and assess but not in any way use the contents of my ‘synopsis’ unless a deal is agreed.

Anyone know for sure if that’s a good way to play this ?

What might that kind of ‘user only’ agreement might the one I described be called ?

Any other views about how to play this if I get a bite, or – getting greedy - two even ?
Btw, this will be over within 24 hours or so (I imagine) so protracted negotiations aren’t an option.

2

Why would they respect the agreement? What would be your comeback if they use the info and don’t pay you? Could you afford to sue a tabloid?

I’d sound out the interest but I’d want the money upfront if I were doing something like this. You don’t have to give them the info beforehand – surely you can talk about what you know without detailing what you know? My sense would be that if you give them the info in advance, any deal is likely to be dead in the water.

3

I’d watch out too. It wouldn’t be the first time that a tabloid changed the emphasis of a story to ‘London_Calling tries to make a quick quid out of shady dealing’.

Probably depends on how close you are to the source, how much interest generally and who you’re selling to (ie. for the Sun sex sells, corporate fraud doesn’t - for The Times maybe the opposite).

Let us know what happens though…!