The recording contract gave the Beatles one penny (1d) for each record sold, which was split among the four members, meaning that each earned one farthing per copy. The royalty rate was further reduced for singles sold outside the UK; the group received half of one penny per single, which was again split amongst the whole group. Martin scheduled the first recording session to be on 6 June 1962 at Abbey Road Studios. Epstein later renegotiated EMI's royalty rate and, on 27 January 1967 the Beatles signed a new nine-year contract with EMI. The contract stipulated that 25 per cent would be paid to NEMS for the full nine years even if the Beatles decided not to renew their management contract with Epstein, which was up for renewal later that year.