Script Option based on IP?

S

srbclarke

I've been looking at writing a feature project for a while now which is based on a company's intellectual property. While I don't have the rights yet to write the feature, the company is prepared to listen to what I have to say about it, and go from there.

Now I'm not too sure about the whole legal side of this, and I don't want to sound like I have no idea of what I'm talking about when I present my pitch.

Basically, I want the rights to write a feature script based on their IP. I then want to sell the written script to a production company for production.

I'm told I need an "option" of their IP.

Has anyone had any experience with this kind of thing?
 
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srbclarke said:
Basically, I want the rights to write a feature script based on their IP. I then want to sell the written script to a production company for production.

I'm told I need an "option" of their IP.
Click to expand...
You were told correctly.

An option is when you pay them a specific amount of
money for a specific period of time in order to develop
the project. If in the agreed upon time you cannot finish
the script and sell it you lose all adaptation rights and
the money.

For example; they may ask for $1,000 against $10,000
for six months. You pay them $1,000 and you have six
months to sell the screenplay. When you do, you pay
them the $9,000. Now that's a very, very simplistic
explanation. Intellectual property is going to be quite
complicated; legally.

Talk to them, find out if what they expect is in your ability.
If it is, you will need a lawyer. If what they want is completely
out of your budget range, then you can move on to something
else.
 
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