What happens when your book is optioned?

An option is an agreement where author gives a producer/production company/screenwriter/someone the rights to try and get the movie set up. There's a time period involved, usually a year with provisions for another year extension, and an amount paid to the author for each of those years. That's it.

What does it cost to option a book?

The option price depends on the material being optioned and the writer notoriety, popularity of the work, and a producer's desire for the project will obviously drive the price up. An option starts around $500, with $50,000 being on the high-end. A good gauge is 10% of the purchase price (see below).

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Agreement to Acquire Literary Material

New Jersey Agreement to Acquire Literary Material

Name: New Jersey Agreement to Acquire Literary Material
Brand: US Legal Forms
Rating: 4.88 (375 reviews)

Category:

Contracts - Entertainment

State:

Multi-State

Control #:

US-KWP-0009

Format:

Instant download

Description

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.

How to fill out New Jersey Agreement To Acquire Literary Material?

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FAQ

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.

What is an Option? An option is an agreement between a movie producer, studio, or production company and the author of the book that gives the temporary exclusive rights to the producer to purchase the screenplay and make a movie.

The provision defends against the erosion of overscale pay that can occur as writing and production schedules extend over long periods of time, by limiting the period of time covered by a writer-producer's episodic fee to 2.4 weeks of work.

In the option agreement, the producer gets an exclusive option to purchase the dramatic rights to the book (i.e. film and motion picture rights) during the option term. This means the producer has exclusive control over these rights and cannot be circumvented during the option period (by anyone).

An option is an agreement where author gives a producer/production company/screenwriter/someone the rights to try and get the movie set up. There's a time period involved, usually a year with provisions for another year extension, and an amount paid to the author for each of those years. That's it.

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.

The option price depends on the material being optioned and the writer notoriety, popularity of the work, and a producer's desire for the project will obviously drive the price up. An option starts around $500, with $50,000 being on the high-end. A good gauge is 10% of the purchase price (see below).

Also known as a sales contract or a purchase contract, a purchase agreement is a legal document that establishes the parameters of the sale of goods between a buyer and a seller.

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New Jersey Agreement to Acquire Literary Material

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