Book Option Agreement

However, it is customary to put both a “floor” and a “ceiling” on the price in order to protect both parties. For example, for a book at this level, you can specify that the price is by no means less than 75,000 USD (57,100 USD) or more than 250,000 USD (190.325 GBP) (I am an American lawyer, so I am used to the numbers of dollars). These figures are negotiable. The author receives an agreement for the producer to consult the author on important changes in action and character (and if it is a boy who goes to a magic school and ends up defeating those who should not be named, the author also has the right to read each script, make changes, select the cast and give entries at each stage of the project). Some of the main provisions and conditions to be met in a book option and a sales contract are whether the key conditions are defined. If the agreement covers the purchase price as a basic amount and a cap of a certain percentage of an uns defining “direct cost budget” or the producer`s net profit, defined, accounted for and paid according to the standard definition of the producer, but which is not defined in the contract and the producer has so little experience that he has no standard definition , the author most likely got the right to get nothing from the percentage type of the image`s benefit. In this case, the most important purchase price, which the author will probably one day see, up to 20 years waiting to see a film of his literary work. Producers want to have as many rights as possible related to the option, that is, not only the right to make the film, but also the right to make sequels, television films, series, and if they can get it, merchandising and advertising rights too. A book option and a sales contract regularly establish that the author represents these rights. While an experienced producer will attempt to have the publisher sign a publication, provided the author has these rights before making the author`s book a film, it is less likely that he will obtain such a publication before the author signs the publishing and sales contract, in which he has now violated his publication agreement. It`s an iron rule! You can never cede film and television rights to a producer until they have paid the negotiated purchase price! Unscrupulous producers will sometimes convince a careless author that instead of granting an option to purchase the rights, they should simply transfer the rights to the film and television to the producer so that the producer can feel “safer” when he buys the project from studios. A book option and sales lawyer contract with experience in auditing, negotiating option and project book and sales contracts can fulfill their due diligence and review a producer`s balance sheet, to see if he has the influence of obtaining financing, distribution, convincing the main players and a namesake to engage in the project , or if the producer probably has only the fianc├ęs and the influence of making a small film on the budget in a slightly greater proportion than a student film in which the producer is also the lead actor, director and producer.

You also need to remember the secondary rights that we talked about earlier. If you create a spin-off of your project, the author also wants a share of these gains. The net participation of these ancillary projects is generally less than the net share of the original`s profits. It is essential to agree on this point at the beginning. The same applies to all other secondary rights that you acquire, as most authors will insist that they participate in all related projects. Matt Knight is an intellectual property lawyer, free author of The New York Times and author of The Writer`s Legal GPS: A Guide for Navigating the Legal Landscape of Publishing. He is currently working on two novels in the genres Near-Future and Women`s Fiction.

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