Okay friends, I have a great problem. I have a local (Detroit) director - who wants to option my screenplay- or buy it. It's my 18th screenplay and he has a personal attachment to it, so I know he would do it justice. The only reason he hasn't done it yet, is he knows he needs financing to do it right- and I agree. He has offered to option it and i don't know how much to ask. Any help? I'm good at writing, not selling- and have never done this before. What should I get for a 1-2 year deal?
Screenwriting : Option $? by Constance York
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10% of 3% (or 2%) of the estimated budget, for one year, renewable.
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Ideally, if it's your IP, your contract will entitle you to 2-3% of the shooting budget payable on the first day of principal photography, right? Getting 10% of that figure upfront for an option would also be ideal, and may have been the norm years ago, but it's not longer likely. Unless you're dealing with a major player/studio and you're a WGA member.
To give you an example, I got a $1 option for my mid-budget spec from an indie producer. It was a 12-month deal with an option to renew for another 12 months for $500.
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Also - 1. Don't ask for a non-exclusive option. No producer/director wants to work their tail off finding funding for a film only to have the rug pulled out from under them because you found someone else. Commit to them, and they will commit to you. 2. Because it is/should be an exclusive option, limit the period to six months or a year; and put in your contract that regular updates on their progress are required.
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He expects the budget to be $2-$3 million.
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2% I believe would be considered a standard. But this is a negotiation. Ask what they are thinking.
Here is an article about options
http://griffithscreative.com.au/what-should-screenplay-option-have/