Apple's iTunes contract with music industry

Think Secret has posted an inside look at the contracts that Apple has with music labels regarding iTunes. Some stipulations include:

The wholesale price of an album can never exceed the price of the songs sold individually.

Record labels can not increase the wholesale price, but Apple can increase the retail price of songs sold during the contract period.

Apple must be able to sell songs individually as well as part of an album except for limited promotions.

If iTunes is compromised and Apple does not find a solution within 30 days those affected portions of the iTunes store will be shut down.

Apple keeps records of iTunes purchases for two years and allows the record companies to audit those records once every 12 months.