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I suppose it was only a matter of time:
Here at SFX magazine we know that everybody has a story inside them. So if you're a previously unpublished author, send your words to us for entry in our inaugural writing competition! Yep, we're planning a book that will be given away with a future issue of SFX, a book called Pulp Idol – see what we did there? It’s a collection we’re publishing in association with the good people at Gollancz.
Hard to object, except to the fact that
All entries will become the property of Future Publishing Limited on its receipt of them and will not be returned. Upon submission of their stories to the address set out at rule 2, entrants irrevocably assign to Future Publishing Limited all intellectual property rights that they have in any part of the world in their stories and waive all their moral rights. Future Publishing Limited reserves the right to edit any story as it sees fit for the purpose of publishing the story in the SFX short story compilation.
Isn't that a bit restrictive? I also can't see anything that prohibits already-published authors from entering (although equally I can't think of a reason why they'd want to enter).

EDIT: Thanks to lyth for pointing out that they've changed the rules.
Isn't that a bit restrictive?

That's a total screw job - you assign them the copyright of your story for the joy of entering their competition?

And the winner just gets published and some contributor copies but no money?

Yeah, that's insane. You aren't even guaranteed to be able to reprint it in a collection of your own work down the line.
That's _terrible_. You might as well go for a vanity press.
That's worse than a vanity press. At least a vanity doesn't screw you in perpetuity. That's absurd, and I hope their contest is a flop.
And since the moral right is the right to be identified as the author, they don't even have to put your name on it.
the word is: craptacular.
It sounds like it's for people who don't consider themselves authors, but might write a story specifically for this competition, and don't really care what happens to it afterwards because they didn't expect it to go anywhere.

They'll get entries.
Its SFX. They used to steal their spoilers for Babylon 5 from the website of an old friend of mine, I even saw her spoilers first and then the next month the same word for word in their magazine with no credit.

What did you expect from them? They suck.

*Hides copy of magazine under bed* Damn their crack
The problem is, SFX suck, but they're still better than every other mass-market sf magazine out there. It was only when they spoiled me for Serenity that I finally resigned myself to letting my subscription lapse ...
entrants irrevocably assign to Future Publishing Limited all intellectual property rights that they have in any part of the world in their stories

Whoa! What this means is that if you submit a story and then ever publish another story with any of the same characters or setting, Future Publishing could sue you.

Or it other words, if Larry Niven had sent one of his early stories into a competition like this, the publisher would have owned the rights to Known Space.
I wasn't entirely certain whether 'the world' in this context meant the world of the story or, you know, the actual world. Maybe it's deliberately vague...

That's legal? Oh dear.

No material other than that which the entrant has created himself
or herself, without using or being influenced by any other material (particularly no
material owned or created by third parties), may be used.

And what is this supposed to mean? 'Using or being influenced by any other material'? Using - so if a character quotes Homer, or Dante, or Churchill, or whoever, is that therefore illegal by the rules of the competition? I shudder to think what these people made of Dan Simmons.
And 'being influenced by'???????????????
I'm assuming that's the 'no fanfic' clause, but it's a bit poorly worded, yes, not least because it's arguable that everything is influenced by something, and that therefore all entries would be immediately ddisqualified. :)
There are many things I could say, but I'll refrain.

I think the obvious retaliation is to flood them with entries which are classic SF works and see how long it takes them to weed them out.
(possibly using just those with expired copyright?)
That's utterly appalling - to waive all rights to not only the single story, but potentially the characters/universe associated with it and apparently waive the moral right to assert yourself as the author?

I'm sure they'll get entries, even so, but it's kind of depressing...
It's been badly written, but the writers in rec.arts.sf.composition generally agree that SFX meant to say "entrants irrevocably assign to Future Publishing Limited all intellectual property rights that they have in their stories in any part of the world", and screwed up the sentence.

Let's hope it wasn't written by whoever is going to judge the quality of the entrants' writing.
Erk. Well, I guess I won't be entering that, then.

Why on earth are they preventing people from resubmitting non-winning stories elsewhere - stories they aren't even going to use themselves?
Because clearly they're already planning to rip off all the contestants, not just the ones who "win."
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Odd. I wrote features and reviews for them on a reasonably regular basis in the mid-90s, but never signed any forms. The reviews editor was called Anthony, as I recall.
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All entries will become the property of Future Publishing Limited

This Magazine. Bunch of Arsecandles. That is all.
W H Smith ran a similar competition a few years ago. The sample chapter had to be ridiculously short - 1000 words, and the synopsis 500. In my opinion, it is very nearly the equivalent of sending in a postcard to win something.
I would say the limit is understandable if you are going to receive thousands of pieces of badly written crap to sift through - which is what I suspect will happen. Sadly, I think we are going to see a lot more of this sort of thing - Richard and Judy, for example, have been running a 'ghost writing' competition on the back of the success of that 'Gem Squash Tokoloshe'(???) story. Some one I know from my MA course (who dropped out, as it happens) got through to a second round on that. She used to go to one of my writing groups, but stopped attending. I think she entered the competition because she is so unsure about her writing competence, and I would suspect that there are lots of people like her.