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.
Agreement to Acquire Literary Material
Category:
State:
Multi-State
Control #:
US-KWP-0009
Format:
Word;
Rich Text
Instant download
Description
Definition and meaning
The Agreement to Acquire Literary Material is a legal document that outlines the terms under which one party (the Owner) sells and assigns their rights to literary works to another party (the Purchaser). This agreement typically covers various rights associated with the literary work, including adaptations for film, television, and other media.
Key components of the form
The Agreement to Acquire Literary Material generally includes the following key components:
- Rights Granted: Details the specific rights being transferred.
- Duration: Outlines how long the rights will be held by the Purchaser.
- Consideration: Specifies the payment to be made by the Purchaser.
- Representations and Warranties: Assurances provided by the Owner regarding the originality of the work and freedom from third-party claims.
- Indemnification: Describes the responsibilities of Owner in case of legal issues arising from the agreement.
How to complete a form
To properly complete the Agreement to Acquire Literary Material, follow these steps:
- Identify the parties: Include the legal names of the Owner and Purchaser.
- Specify the literary work: Clearly state the titles and authors of the literary material being acquired.
- Detail the rights granted: List all rights being sold and assign them to the Purchaser.
- State the consideration: Provide the agreed upon payment amount.
- Signatures: Ensure both parties sign and date the document to validate the agreement.
Who should use this form
The Agreement to Acquire Literary Material is suitable for:
- Writers: Authors looking to sell their literary works for adaptation.
- Producers: Individuals or companies seeking to acquire rights for film or television adaptation.
- Agents: Representatives handling negotiations between authors and producers.
This agreement is essential for ensuring that both parties understand their rights and obligations.
Legal use and context
This agreement is governed by copyright law and should be used whenever literary materials are being sold or licensed for use in adaptations. It is essential for protecting the rights of both the Owner and Purchaser while providing clarity on the scope of the rights being granted. Understanding the legal context helps prevent disputes over ownership and rights later on.
Common mistakes to avoid when using this form
When completing the Agreement to Acquire Literary Material, be cautious of the following common mistakes:
- Incomplete Information: Ensure all required sections are filled out completely.
- Not Defining Rights Clearly: Clearly specify the rights granted to avoid misunderstandings.
- Failure to Sign: Ensure both parties sign the agreement; otherwise, it may not be enforceable.
- Ignoring Local Laws: Be aware of any state-specific requirements that may apply.
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FAQ
Follow your contract guidelines. Your contract may stipulate the method of termination. Send a letter. Ask for a list. Consider making a phone call. Be nice. QUESTION: What would make you fire your literary agent?
While there are a few exceptions, the most common commission for a literary agent is 15%. If an agent places a book with a publisher and negotiates a $25,000 advance, that agent will take out their 15% (or $3,750) and send the rest (or $21,250) to their client.
Literary agents are responsible for managing sales, contracts, publication, production (and reproduction), as well as maintaining good contacts in the writing and publishing industry, and knowledge of the current market and trends. They act as a middle person between authors and publishers to sell the author's work.
How do you plan on positioning my book to publishers? What genre will you promote my book? Do you want me to edit my book before you start pitching? Which publishers will you be pitching? How long will you pitch before you give up?
Make sure the agreement defines specifically what works are covered. An agent may only want to represent one book, or a series of books, or only your new work, or work produced during the term of the agreement, or even all of your work.
Traditionally, agents get paid only when they sell your work, and they receive a 15 percent commission on everything you get paid (your advance and royalties). It is best to avoid agents who charge fees other than the standard 15 percent.
Your contract may stipulate the method of termination. Most literary agents require sixty days written notice. Some will require a letter; for others email is acceptable. Be sure that you follow the terms of your contract so there can be no question later on about the termination.