What Is An Option Agreement In Film
There are some catches and red flags that you need to note before passing on your script to someone. There is no strict and quick rule on fees that are due for an option agreement. As far as the rate structure is concerned, you first pay an “option fee” for the “option period.” This is the money you pay for the exclusive right to develop your project based on the author`s content for a specified period, the option period. It is difficult to give Ballpark characters because they are very different from one deal to another. Film agreement option. Films based on true stories may raise issues that option agreements may want to address in order to limit and protect a producer`s future liability. Such scenarios are often based on information about crimes, political scandals or tabloid stories about the rich and celebrities. Under the European Convention on Human Rights, the right to privacy is a fundamental right and must be contrary to the right to information under Article 10.1 of the same convention. A screenwriter can be an option on both sides: he can have his script chosen by a producer, or he can choose the rights to an existing material that he wants to adapt. In this article, in order to keep it simple, I will guide you through some of the most important points that you need to consider when negotiating an option agreement.
I`ve also created a handy checklist, which should include an option agreement that you can use side by side with this article to make sure you`ve covered your basics. Among the rights that a distributor wishes to see in the option is the right to make a film on the basis of material (book, screenplay, magazine articles, news, song lyrics, biography, etc.) as well as the right to exploit the lm in any format of the universe. As a general rule, there are two option rights and periods, i.e. the first option is the amount of X for Y months, with the option to extend additional Y months for the amount of X. These are generally referred to as “second option commissions” for the “second option period.” You have until the end of the last option period to “exercise” the option. In general, this happens when you have all the funding together and everyone is ready to shoot. So if tomorrow the phone rings and someone wants to choose your scenario, it`s normal to be excited, because now you`ll know what to do. Just download the scriptwriter contract template as an example of expectations.