Last week an executive producer contacted me with an option offer. I've since talked to her over the phone. She found my script here while looking for another script, fell in love with it, then got behind it. Here's the option contract she emailed me today. I promised I'd sign it and send it back by Friday. I'd like your help on this -- and, yes, I know I should get a lawyer, so please don't waste bandwidth telling me that. Here's the contract:
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http://www.atlantavideoproject.com/CONTRACT.html

You already promised? I guess it's not official until you sign the line, no clue here.

You should get a lawyer. Lol, I couldn't resist!

The purchase price is quite optimistic, but unless I am reading this wrong, the option itself pays you nothing.

You should be compensated at least a little for taking your script "off the market" for the period of the option.  Based upon your familiarity and/or confidence in the producer, this amount could be nominal, but if you really have no idea who this is, consider a bit more.

I also see there are no stipulations regarding payments for rewrite.  A potential producer can run you ragged with script notes and rewrites, and if nothing comes of it, you are working for them for free.

Again, consider giving yourself a little something for rewrites, with the amount based upon the extent of your relationship with this producer.

Just some friendly advice.  I am certainly no lawyer.  I just play one on TV.

Quoted from bert The purchase price is quite optimistic, but unless I am reading this wrong, the option itself pays you nothing. You should be compensated at least a little for taking your script "off the market" for the period of the option.  Based upon your familiarity and/or confidence in the producer, this amount could be nominal, but if you really have no idea who this is, consider a bit more. I also see there are no stipulations regarding payments for rewrite.  A potential producer can run you ragged with script notes and rewrites, and if nothing comes of it, you are working for them for free. Again, consider giving yourself a little something for rewrites, with the amount based upon the extent of your relationship with this producer. Just some friendly advice.  I am certainly no lawyer.  I just play one on TV.

The figure of $5000 was mentioned. I am to get that before Xmas, perhaps sooner.

Anything else you see in it?

Awesome Gary! You may want to check with Babz...(our local agent on here) ... She is way more familiar with this stuff than most of us.

Awesome job again!

Quoted from RicRicland The figure of $5000 was mentioned. I am to get that before Xmas, perhaps sooner.

So you're getting paid for the option?

Because the contract seems to only say that you will get paid once the script is purchased and funding has been finalised?

Well,

I guess I shouldn't say "double-check with an entertainment attorney" - which you should...but that goes without saying.   Not an agent.  An actually Ent. Attorney...

That aside, a few things popped out at me: you're not *assured* writing credit (which incidentally affects the amount you could be theoretically paid.)  Also, the amounts of compensation aren't strictly defined.  IE: 1-2% final budget (which is it?), and additional compensation to "not exceed $50K".  Who determines the final amount?  Net points...well, we all know those don't count, so I'm not going into that.  I agree with a few other posters above that there should also be a specific determination of what rewrites will cost, and some sort of nominal payment for the option up front....in writing.  

I'm not saying there's anything wrong with the contract...just that an entertainment att'ny should really tweak this before you sign it.  (If you haven't already, you should really get a copy of "The Writer Got Screwed" and bone up.  It's dated at this point, but it's an easy read and gives a few decent ideas about what to look for in a contract.)

Cheers,

--J

Congrats on getting offered an option...
Now, it's time to panic, or call an entertainment lawyer.

In addition to ENSURING WRITER CREDIT, there's a few keys things to consider:

Money. How much and when. Be specific.
Option extensions with BENCHMARKS.
Yearly goals your producer must meet to RENEWAL CONSIDERATION.
Or a producer can just sit on your script for X number of years.
Subsequnt years mean more cash for the option.
And always address REWRITES.

My general rule on REWRITES is this...
If I like the idea, I'll likely to do it for free. I love the craft.
But I NEVER tell my producers that.

Always get a REWRITE FEE structure in there somehow.
It's how I cope with getting notes I don't support.
You gotta pay me to put in the crap I think sucks!
It hasn't come up yet, but I'm glad the clause is there.

In all seriousness, good luck and don't make any promises w/o reading the fine print.
Try not to lose too much sleep over this.
Believe me, I know that's harder done than said.
Be honest, considerate and above all else -- ACCURATE with your every legal detail.

And try to be happy and proud that a producer considers your work worthy.
There's a few handfuls of us here that have experience that will offer advice.

So, never be afraid to ask.
This community wants to see you succeed!

Regards,
Brett

Unless it says you're getting paid five grand in writing, you ain't getting it.

Why would you get the option fee at Christmas time?  You should get that when you sign.  If these guys should disappear a month from now, you're out five grand.


Phil