The author is paid to let go of his scripts for a limited time, while the producer tries to illuminate the project with the green light. If that happens, that`s great. The author receives a nice purchase price for all the hard work. If this does not happen during the option period, the author will retain the payment of the option and all rights to the scenario will be reset. The author could then decide to reassign the script to another producer. You should carefully check your option agreement, understand the rights you are granting and how the agreement will work. Consult a close friend who understands such matters or you can always use the unique services of a lawyer. There are a few hooks and red flags that you should keep in mind before passing your script on to someone. Research the book or scenario you want to choose. If you are trying to choose a book, you should get a “quitclaim” from the publishing house that confirms that they do not contradict your project. Find a lawyer to check the quitclaim for you. If you try to choose a script, the author might want to publish it later as a book.
It doesn`t matter – just inform your lawyer of the screenwriter`s plans, because the option agreement “reserves” these rights to the screenwriter. If you`re like most screenwriters, the scenario you`d expect, aside from buying your specification script directly, is to get an option deal. An option agreement is an agreement that “lends” or “leases” the rights to your script to a producer or production company, in the hope that they can make the film. This is not a deal breaker. In fact, it is very common. But there are many ways to carefully check this language in order to get a complete idea of what you are passing and what you will recover when the option timeout expires. Some authors and screenwriters are naturally reluctant to part with the audiovisual adaptation rights to their project. One of the ways to soften the agreement is to offer an advisory role to the author. If it makes them happier, it could also be presented as an executive producer position.