The Trireme -
Pen and Sword Books

The Trireme is awarded for what one freelance called the "worst terms since I was last chained to the oars".

This issue's nomination goes to Pen and Sword Books, apparently seeking less-numerate authors. They offer royalties of "10% on the net price of hardback sales" - when royalties should always be a percentage of the full, "gross" sale price. The net price after the bookshop and distributor have their share can be half the cover price or less. And the royalty rate should go up after the first 2500 copies sold.