This scenario option model is a contract that allows a producer or studio to obtain the film rights to a screenplay for a period of time, with the aim of making it into a film. There are three main elements of an option agreement that an author should be aware of. By Jonathan Treisman This contract is not designed as legal advice, but is offered by the Guild as an assistance to ensure a quick written confirmation of the agreed terms, timely delivery of contracts and therefore payment in due course to the author. The WGA`s core agreement requires companies to honour contracts within certain deadlines, after agreement on important points of the contract and/or the start of services (usually within two to three weeks). In the event that the company does not deliver a contract within the MBA deadlines after agreement on the main points of agreement, this form contract can be used to validate the contract with the company. For any questions, please contact the WGAW Contracts Department at (323) 782-4501. Option agreements can be a win-win situation for both the author and the producer. The author is paid to pay for his scripts for a limited time, while the producer tries to get the green light for the project. If it happens, it`s great. The author will receive a nice purchase price for all this hard work.
If this is not the case during the option period, the author retains the Payment option and all script rights will be restored. The author could then decide to leave the script to another producer. This short form contract can help you: this contract can be adapted to the negotiated terms of a writing contract you negotiated. We advise you to use it instead of Deal Memos or the quickly rated notes you write to confirm the terms that have just been negotiated. The use of this contract can and will make your life easier, both at the time of the negotiation of the agreement and in those unfortunate cases where a dispute arises at a later date. We believe that this contract can help ensure that writers are paid earlier, reduce disputes over the language of the contract and eliminate the inclusion of unexpected and unwelcome provisions, which are too often discovered after the contract is signed. The third element is the amount of money the author receives from the producer or studio if the project is turned into a feature film.