release forms, "consideration" question

[tylerindo1]

So basically consideration is the payment from one party to another in order to make it legal...will it also be legally binding if the contract states that both parties involved, ie producer and actor, will pay eachother $1?

I saw a contract like this before but am curious to know if it's a crock or if it will cover what i need for background releases in a music video?

 

[Steve House]

They don't pay each other, the producer pays the actor consideration in return for the actor's permission to use his image. "Consideration" must be transfered in order to make it a binding contract. Contracts alway involve an offer, an aceptance, and an exchange of value. The value the actor offers is his permission. The value the producer offers is some money. If you're not paying a real salary or fee, one dollar is a typical nominal token amount to make the release binding. Note that consieration doesn't have to be money, it can be anything of value. You could have a release that says the producer gets permission to use the actor's likeness in exchange for a 10 minute backrub, for example.