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.
Utah Agreement to Acquire Literary Material
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Multi-State
Control #:
US-KWP-0009
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Word;
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FAQ
It's exactly what it sounds likean entity, usually a production company but sometimes a streamer or studio, options your work. They pay you a certain amount of money for the rights to produce a film or a TV show based on what you wrote.
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
The option price depends on the material being optioned and the writer. Author notoriety, the popularity of the work, a producer's desire for the projectthese can drive up the price. While everything is negotiable, an option can range from $500$500,000.
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.
So, what's an option clause? It's a clause in a book contract that gives the publisher first dibs on your next book. You should pay VERY CLOSE attention to this clause if you don't have an agent, because sometimes publishers throw all kinds of restrictive things in there.
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.
The option price depends on the material being optioned and the writer. Author notoriety, the popularity of the work, a producer's desire for the projectthese can drive up the price. While everything is negotiable, an option can range from $500$500,000.
When the screen rights are sold (or when the option is exercised), the writer often gets a sum equal to about 2.5 percent of the budget.
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.
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.
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whom literary material was acquired for the project, shall be retroactivelycontract of employment to the writer within ten (10) days following the.