I was recently offered a budget for my TV Series contingent upon getting a completion bond. The bond is 2% of the budget. Does anyone have any experience with this and if so is it a good offer to take?
Financing / Crowdfunding : Completion Bond by Nina Brooks
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yes 2% is great! most newbies (not saying or implying that you are one) start at around 6%.
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I have a relationship with the insurance company from previous independent productions
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That's aweosme, Nina. Studios and production companies are often required to supply that bond and you can often bake it back into the budget so it's more of a bridge to prodcution than an out of pocket cost. What's your series about (if you can share)?
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Yes and yes. Congrats!
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I would love for someone to explain what a bond is and how it works. I will be looking for financing for an Action-Romance myself.
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Hello Maxwell Moore Coincidentally I just wrote a post about the Completion Bond for my website. You can find the answer to your question there. In brief, a Completion Bond is an assurance by the bond company that a film will be finished and delivered to a distributor to enable payment. A fee is included in the budget, and the bond company works with the production to ensure it meets their standards to merit the bonding of the production. They make suggestions, changes, and will take over a picture if it is failing and facing financial ruin. Having said that, the bond company can be a friend. Read the article here: www.filmbudget.com/completion-bond/
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www.filmbudget.com/completion-bond/
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Great article Jack thank you
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Maxwell Moore Thank you. Very kind, glad you found it of value.