I signed the option!

A

alveraz

Veteran
Hey guys,

Just thought I'd share the recent good news here as well. I signed an option yesterday for my latest script. The EP has two large films under his belt, and they feel confident in the buy-out. I'll bring in six figures on the deal, so I'm pretty excited. It's only a 90 day option with a re-up clause, so it's an exceptionally sweet contract. The best part is, I have secured investors and distribution for the project after the 90 days expires if I want to helm it myself. It's a win-win situation! My fingers are crossed for the buy-out, but if I have to take it on myself, I won't mind the paid ride.

Take it easy.
 
Wow, great news. Congratulations!!!! Without releasing anything you don't want to, would you care to share how you got the script to the ep in the first place? Someone you know? Worked with? Cold Call?
 
Ah, smart move leaving the photography business alveraz. Congratulations again!

-Kegan
 
Mark Harris said:
Wow, great news. Congratulations!!!! Without releasing anything you don't want to, would you care to share how you got the script to the ep in the first place? Someone you know? Worked with? Cold Call?
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Lots and lots of queries. It also got a great read over at Sony, and though they ultimately passed they sent it off to other producers that could make it happen. The funny thing is, the producer that ultimately made me this offer was the first one I spoke with. Strange. Anyway, the EP on their team has produced two solid grossing films, one grossed 6.6m and the other 40m, so the script is in good hands. They are shooting for a 1.5-3mil budget, which they feel confident they will secure within the 90 days. I've locked in 5% of that budget in the purchase price, which is a great deal (and 3 points on the backend).

But again, if I don't secure the sale I have the option to helm it with a 1.5 from another investor and distributor. It should be a good year indeed.
 
Right, it's a flat buy-out. However my attorney squeezed in a clause that gives me first whack at rewrites. And, we renegotiate the contract upon excersising the option anyway, so we'll hopefully come out with a strong deal.
 
Super cool news. Guys like you are inspiring me left and right all over this board lately. Congrats for you and your family.

:beer: :beer: :beer:

alveraz said:
Right, it's a flat buy-out. However my attorney squeezed in a clause that gives me first whack at rewrites. And, we renegotiate the contract upon excersising the option anyway, so we'll hopefully come out with a strong deal.
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Interesting,. My understanding is that's a WGA requirement - orginial writer has the option to do first rewrite.

Barry and I bought one script that we are developing and we included that for the writer. Even though it was not a WGA contract, we were trying to follow their guide lines.
 
I hope this goes well for you! I've had friends get options similarly that then expired with little fanfare, so I hope this pulls through with actual $$. Post back when it does!
 
Jack,

I double checked, and you're right, it's already part of the contract. I believe the extra clause information he added was in regards to any sequels or additional projects based off this material (I think). He explained it all to me, but I'm pretty slow with lawyer-speak, all I really heard was,"blah, blah, blah, lots of money, blah, blah, blah, sign here."
 
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