normally, the amount paid for the option is a fraction of the price to be paid upon exercise of the option to acquire the screenplay. where the producer or studio does not bother with an option but instead immediately purchases the script, a literary purchase agreement is used instead of an option agreement. option period: this is the period of time during which the purchaser may exercise the option and purchase the screenplay or lose his rights to do so (subject to his right to extend the option period).
a “set-up bonus” is an additional fee payable to the owner if the purchaser enters into an agreement for the development or production of the script with a studio, financier, independent production company, or television network. such producer credit may be part of the option agreement or included in a separate agreement for the owner’s producing services. a “reversion” provision is usually found in an option agreement and a “turnaround” provision may be part of a literary purchase agreement or production-financing-distribution agreement. a turnaround provision usually provides for the initial purchaser to obtain full or partial reimbursement of his development, pre-production and production expenses, usually to be paid by the owner or a subsequent purchaser.
however, the initial step of developing something for entertainment is acquisition of script rights and one may entitle himself to the acquisition of script rights by entering into a script acquisition agreement. it is one of the most essential clauses of a script acquisition agreement. it is also important for the producer to make sure he acquires all the rights necessary for a motion picture to be produced. however, it never hurts to try and ask for a right to be consulted or approve of things like the title, the screenplay, the casting, etc.
hence, it is essential that you, as a writer, get your name added to the producer’s e&o insurance. it is advisable that you clearly state the time period in which payments need to be made, along with the currency and method of payment. it is important for both, the buyer as well as the seller of the script to enter into a well drafted script acquisition agreement. it is also essential that the agreement be highly negotiated so that the author gets paid the right amount for his property and the producer does not get exploited or subjected to any third party claims.
sample script acquisition contract. collaboration agreement. i, [writer], on [date], do agree to sell to [fullname]. (hereinafter referred to as “[name]”) script acquisition agreement. agreement between scriptwriter and production company / producer to buy the film script. price. $59.00. if the picture is produced and the work is the final shooting script without material changes, then owner shall receive sole “story by” credit and “written, screenplay purchase agreement template, screenplay purchase agreement template, literary purchase agreement, script agents looking for new writers, how to get your script read.
an “option agreement” usually comes in the form of two agreements: (1) the purchase of the right to buy the screenplay (the “option”), and (2) the agreement for a script acquisition agreement is entered into between a producer and an author, when a potential film producer such as a movie studio, a the literary option and purchase agreement (the “agreement”) gives a producer, production for the script, and the production budget., option agreement for film rights, wga basic agreement, how to sell your screenplay without an agent, how to get a comedy writing agent, screenwriter general meetings, what most accurately describes what “subsequent productions” are in a typical writer deal?, what are passive royalties?, how to contact a screenwriter, how to find a screenwriter, general meeting tv.
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