Unless you actually buy the life rights - or whatever rights up front, it is not necessarily clean or binding.
An option is rock solid clean and unquestionably binding. Period. The option secures and reserves, without question, the exclusive right to purchase the life rights (via an instrument known as a Purchase Agreement)... should the option holder wish to do so w/in a stated period of time. (typically when and if the holder finds somebody other than himself to pay for it. Read: studio/prod. co.) No gray areas.
Quote: Options expire eventually, unless both parties agree to keep renewing them (which usually means the perspective buyer keeps paying for the option). If a better offer comes along, the selling party can simply choose not to renew and make a deal with someone else.
Yeah, options expire or get exercised. Grown-ups doing deals with eyes wide open. Why go thru pain/risk of renewing? Simply have sufficient term length, at inception, that allows time for project to be completed... that way the seller can't walk. Don't leave a window open for them. Easy enough. Can even place 'trigger' clauses that extend option period at no cost. Example: Should a studio/prod. co. start production on the property, the option period shall be extended by ___ months. Note: No law against one dollar cash option. Actually the 'consideration' can be zero cash- your promised efforts. A promise for a promise. Classic binding contract. They promise you the exclusive rights... you promise to work to get the movie made.
Quote: Without the underlying rights - a screenplay based on those underlying rights can't be sold or produced.
All the rights... underlying/overlying are secured by option agreement.
Quote: I've seen both writers and producers left holding the bag, when for some reason or another the rights holder chose not to extend the option on life rights or film adaptation rights (or demanded far more money to extend the option and/or purchase the rights than the original agreement called for.) For producers it's a calculated risk that's part of the business
equation, but for writers who are writing on spec....
They need to be left holding the bag if they didn't give themselves enough time. Their own fault, no excuse. Take the risk out of the calculation. Use good business, as well as common sense. YOU are the one who designs the terms and the parameters of those terms. For Producers it's part of equation. Same holds for writer, 'cause now he qualifies as a producer if he snags the rights. Either way ineptness is not to be rewarded, especially in H-wood. Writer is a big boy, this aint brain surgery.
Quote: I would never write a spec script that wasn't an original idea of my own, unless the underlying property was in the public domain or I bought the film rights outright - rather than optioned them (which is usually cost prohibitive.)