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Acquiring Screenplay Rights
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The Screenplay Option/Purchase
Screenplay Purchase Agreement
The contract drawn between a writer and a producer over extent of copyright being handed over.
The Screenplay Option/Purchase
Option Agreement
A filmmaker's exclusive right to buy the screenplay during the option period.
The Screenplay Option/Purchase
Exercising the Option
When a filmmaker decides to purchase the screenplay during the option period.
The Screenplay Option/Purchase
Worthless Option
An option whose purchasing price was not negotiated at the time the option price was negotiated.
Major Deal Points: The Option Agreement
What does the producer want?
-To shop the script around before exercising option
-Get longest option period possible
-Get lowest option price possible
-Make option price applicable to purchase price
Major Deal Points: The Option Agreement
What does the writer want?
Prefers to sell outright (but knows not usually possible)
Wants movie made so they can demand higher price for next writing assignment.
Major Deal Points: The Option Agreement
Grant of Option
The exclusive right for the producer to purchase the screenplay during the option period.
Major Deal Points: The Option Agreement
Option Price
Low end $50
High end 10% of purchase price
Will the option price be applicable or nonapplicable to purchase amount?
Major Deal Points: The Option Agreement
Option Period or Term
Usually at least one year
Extension payment offered
Major Deal Points: The Option Agreement
Extension Payment
When a producer can renew the option.
Major Deal Points: The Option Agreement
Exercise the Option
Send snail mail notice of plans to exercise option to writer.
Writer needs to sign purchase agreement.
Writer also needs to sign over copyrights and other rights to producer.
Major Deal Points: The Option Agreement
Right to Development and Preproduction
Clause enabling the filmmaker to move forward with script rewrites, storyboards and trailers to raise money for project.
Major Deal Points: The Option Agreement
Reversion
Clause stating that all rights are reverted back to the writer after the option period has expired.
Major Deal Points: The Option Agreement
What are the elements that make up the Options Agreement?
The Parties
Grant of Option
Option Price
Option Period
Exercise of the Option
Right to Development and Preproduction
Reversion
Major Deal Points: The Purchasing Agreement
Rights Granted are:
Medium
Duration
Geography
Motion Picture
Merchandising
Other (sequels, remakes, etc)
Right to make changes
Major Deal Points: The Purchase Agreement
What does the producer have to do before contracting a script?
Perform a copyright search at U.S. Copyright Office.
Major Deal Points: The Purchase Agreement
What goes in the copyright section of agreement?
Copyright info- title, regristration number, year published
Producers renewal rights
All additional copyright documentation for rights transfered
Major Deal Points: The Purchase Agreement
What might constitute as a writer's Reserved Rights?
Book
Radio
Comic book
Stage
Separated Rights
Major Deal Points: The Purchase Agreement
Holdback period of Reserved Rights:
During holdback period, writer cannot exploit reserved rights
Major Deal Points: The Purchase Agreement
Right of First Negotiation/Right of Last Refusal:
Writer has to offer reserved rights to producer first before attempting to sell to anyone else.
Major Deal Points: The Purchase Agreement
Rate schedule:
WGA provided rates their writers need to be paid by.
Major Deal Points: The Purchase Agreement
What right does the writer have if their is an agreement to a percentage of the net profits?
The writer may audit a production company's profits off their script, usually not more often than once a year.
Major Deal Points: The Purchase Agreement
What is Rights Reversion?
When the writer gets the rights back if the production company does not start principal photography in an agreed amount of time.
Major Deal Points: The Purchase Agreement
Indemnification:
Insure against loss.
Major Deal Points: The Purchase Agreement
What are the Representations and Warranties here?
This is the writers assurance that this agreement does not infringe on any other agreements and that the writer is not breaching contract.
Major Deal Points: The Purchase Agreement
No Obligation to Produce
Producer has the rights to the screenplay without actual obligation to film it.
Major Deal Points: The Purchase Agreement
What are the components of a Purchase Agreement?
Rights Granted
Copyright
Reserved Rights
Payment
Accounting (auditing)
Rights Reversion
Representations and Warranties
Credit
No Obligation to Produce
Publicity
Author
aceaj03@yahoo.com
ID
44972
Card Set
Acquiring Screenplay Rights
Description
Chapter 8 of The Pocket Lawyer for Filmmakers
Updated
2010-10-26T06:04:35Z
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