I received the following e-mail the other day from Olympia Publishers
Dear Mr Forinton,
Thank you for submitting your work to us to review and consider. I understand it can be frustrating when waiting to hear back from publishers. However, we have now completed our evaluations of your adult fiction ‘I Am Still Me?’.
In the last few days we have considered and discussed your novel. Editorial consider various aspects of each work we are sent to conclude what type of offer, if any, that Olympia can make. We agree your work is well-written with a consistent and absorbing narrative, we believe that your work deserves a chance to reach the wider market.
When we accept a work, we can offer either a traditional publishing contract or a hybrid publishing contract. In this instance we would be able to publish your work under the Olympia banner and wish to make a hybrid publishing offer for ‘I Am Still Me?’.
Please consider this offer carefully. This type of contract would incur a one-off fee for the publication of your work. Any future costs, to cover marketing over the lifetime of the book, will be covered by Olympia.
We understand this decision cannot be taken lightly and you will need to see the contract before you can make a decision. The contract, along with the one-off fee and royalties, will be finalised once we have a request to view it.
At this stage we are seeking only an agreement in principle to view the contract. Please note, there is no obligation with the contract and both parties are still free to withdraw at any point, until contracts have been signed.
Please note the finite figure can be paid in monthly instalments over 10 months.
Now I have sent my manuscript to other literary agents, which I am awaiting responses from.
Has anyone else been offered or accepted a "hybrid" offer before? What are the pros and cons of such a deal? Do I wait for what others have to say or take the plunge and sign this contract after seeing it?
Any advice will be most appreciated.