This form is an Agreement to Acquire Literary Material. The form provides that the owner agrees to sell to the purchaser certain literary works. The owner grants to the purchaser all motion picture, radio, and television rights in and to the property conveyed as a result of the agreement. The owner also agrees to indemnify the purchaser against all judgments and liability which may be obtained against the purchaser for any breach or failure of warranty made by the owner.
California Agreement to Acquire Literary Material
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US-KWP-0009
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FAQ
The purchase price is usually 23 percent of the production's budget, with a cap. So, at 2 percent, if a film is budgeted at $10 million, on the first day of principal photography you get a check for $200,000. If the cap is $225,000, that means even if the film is made for $50 million, your fee is still $225,000.
An Option Agreement is simply a contract between the original owner of a specific work (e.g., a novel or a screenplay) and a producer (e.g., a production company or a network) (often referred to as the purchaser) interested in producing the work and turning it into a film, play or television series.
Generally speaking, the price that a production company will be willing to pay you for your book to film adaptation rights is about 2-3 percent of the production budget. So, say the production company has a budget of $10M to produce your book adaptation.
Therefore, having a book optioned means that a studio buys the rights for a set amount of time to develop the project into a film. If that window expires, the studio can option it again, buy the rights outright to develop the project and move forward with the film, or return the film rights to the author.
Research the Book You Want to AdaptSearch the U.S. Copyright Office's database for the book that you're interested in adapting. You're looking to make sure that there is a copyright registration for the work, who the rights belong to, and that the rights haven't already been optioned to someone else.
By entering into a book option, you reserve the rights to the book for a limited period of time in order to make the film. An option typically requires paying the author and/or publishing company an agreed upon amount. Option prices range, so research what that publishing company typically agrees to before negotiating.
A literary acquisition contract is an agreement to acquire all or some rights in a literary property such as a novel or a play. Producers typically use it to obtain screenplays or movie rights to literary works.
The Minimum Basic Agreement (MBA) is the collective bargaining agreement that covers the benefits, rights, and protections for most of the work done by WGA members.
No. You must have permission from the owner of the copyright in the original movie or book that you're basing your screenplay on. Particularly in the entertainment industry, there may be monetary hurdles that you have to get around in order to get permission to write a screenplay based on a book or movie.
Therefore, having a book optioned means that a studio buys the rights for a set amount of time to develop the project into a film. If that window expires, the studio can option it again, buy the rights outright to develop the project and move forward with the film, or return the film rights to the author.
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