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.
Pennsylvania Agreement to Acquire Literary Material
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Multi-State
Control #:
US-KWP-0009
Format:
Word;
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How to fill out Agreement To Acquire Literary Material?
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FAQ
What is an "option to purchase" agreement? An option to purchase is an agreement that gives a potential buyer (optionee) the right, but not the obligation, to buy property in the future. The optionee must decide by a certain time whether to exercise the option and thereafter by bound under the contract to purchase.
Under an option agreement, the producer does not immediately purchase the rights necessary to produce the production (which perhaps might be a feature film, a series, etc.); rather, the creator provides the producer an amount of time (the option period) during which the producer has the exclusive right to purchase
From the producer's perspective, an Option Agreement gives him or her an opportunity to hold on to a screenplay exclusively for a period of time without having to lay out a lot of money up front while trying to get the project off the ground.
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.
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.
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 term option as used in the entertainment industry, is an agreement entered upon between two parties that must come into force by a specific time. This may be usually with regard to a particular property, such as an intellectual property.
Ask for better terms if a film producer asks for it. At the very least, ask for an option amount and period at least the same as the initial option. You are within your rights to negotiate a higher total amount (especially upfront) and a shorter option period. Never go lower, unless there is really good reason.
In the film industry, an option is a contractual agreement pertaining to film rights between a potential film producer (such as a movie studio, a production company, or an individual) and the author of source material, such as a book, play, or screenplay, for an exclusive, but temporary, right to purchase the
An agreement under which a production company commissions a writer to create successive drafts of a film screenplay in return for set payments and possibly also a share of profits from the film.