I have a spec screenplay I've written as an adaptation for a book. I have received the okay from the author and contacted the author's performing arts agent (through in intro from the author). She asked me what fee I should suggest - let's say for a year option. Any ideas? I am a screenwriter (not a producer).
Screenwriting : Option fee by Christine Keleny
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Hi Christine! To me, it should be whatever is fair and equitable for both parties involved.
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I'm confused. You wrote a screenplay with the idea of turning it into a book? Or read a book, wrote an adaptation with the author's permission, and now want the author to let you sell the screenplay? The author commissioned the screenplay? An author, who already had an agent, let you write the screenplay from his book, and is just now letting the agent in on it? So, you and the author agreed to let you write the screenplay? When you say, "SHE asked me what fee I would suggest..." who is the she, the author or the agent? The agent wants to "option" the screenplay for a year? Do you and the agent have, or will have, a contract on this? Is the agent representing you & screenplay, as well as the author & book, then? Why not start your question over, and be clear as to how you came to adapt a screenplay of someone else's book, and if you got permission beforehand to do this, and what the "fee" is for --- your work writing the screenplay, or actually optioning (shopping the screenplay) to producers or other agents?
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You would want an option for 18 months. It takes a long time to shop a script and secure a deal. Fee. You can do $1 total, or $100/month, for a total of $1,800. The actual compensation for the option can be any amount.
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Do you have a director or producer or talent attached to your screenplay? Are you going to create the film yourself? Are you looking to sell the screenplay? Do you have an agent? all these will affect the answer you get about the option.
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I think once you option a work, you’re now acting as a producer. Outside of my experience, but it’s probably a good idea if you start shopping the script, so you can say the original author is on board.
Usually the option is for a set length of time. If the agent doesn’t know what to charge, then I would say $1 for five years. Let them counter offer! :)
Others might know what is a reasonable price. The popularity of the work would be a factor, also whether it was vanity press or through a traditional publisher.
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Negotiable
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Christine Keleny
To clarify, the book's author is asking for an option fee or you are asking what you should ask for to option your screenplay to another producer?2 people like this
Christine Keleny
sometime when you’re given a agreement for creative work, three things occasionally come in to play time, quality, and cost.
Not every Agreement has them, but most do.
Ethical considerations when optioning a screenplay should be:
Fair Compensation: Ensure that you receive fair compensation for the option, considering industry standards and the potential value of the work.
Clear Contractual Terms: Clearly outline the terms of the option agreement, including duration, payment schedule, rights granted, and potential royalties or bonuses upon production. good contracts are written in plane English.
Transparency: Be transparent about your intentions for the screenplay, including any potential changes or adaptations you plan to make, and involve the screenwriter in the process as much as possible. Agreements that are not transparent, should not be deemed predatorily right away, but you can go a little deeper and where there’s fire there smoke.
Respect for Intellectual Property: Respect the intellectual property rights of the screenwriter and any other contributors to the work. A good deal is a deal that has follow up possibilities. A good deal is a win-win for both sides.
Good Faith Negotiation: Conduct negotiations in good faith, considering the interests of both parties and striving for a mutually beneficial agreement. The agreement should always be supporting both sides. Some people don’t like this. Agreements are there to set clear boundaries. It’s there to be a win-win. it’s all about enforceability.
Professionalism: Maintain professionalism throughout the negotiation and production process, respecting confidentiality and avoiding conflicts of interest. If you’re settling writing for another studio If they don’t like that studio or funded to be competition, that could be conflict of interest. Or if you happen to know somebody in the organization. For example, if you work for company x And you know person, x in that company that’s a conflict of interest.
Representation: If representing a production company or studio, ensure that your actions align with the company's ethical guidelines and values.
When reviewing an option agreement as a screenwriter, here are some important things to look for:
on to cost…
Option Fee: Ensure the agreement specifies the amount of the option fee you will receive for granting the option to the producer or production company. i’ve seen this negotiated from one dollar all the way to 1000 or more.
on to time…
Duration of Option: Pay attention to the duration of the option period, including any renewal or extension options, and make sure it aligns with your goals and timeline for the project.
Purchase Price:Clarify the purchase price or compensation structure for if the screenplay is ultimately purchased for production, including any potential bonuses or royalties.
on to a quality and rights…
Rights Granted: Understand the rights you are granting to the producer, including whether it's an exclusive or non-exclusive option, and the scope of those rights (e.g., adaptation rights, sequel rights).
rights…
Creative Control: Consider any provisions regarding your involvement in the development process, including approvals for changes to the screenplay and your credit as the writer.
Reversion Clause: Look for a reversion clause that outlines the conditions under which the rights to the screenplay will revert back to you if the project does not move forward within a specified timeframe.
Indemnification: Ensure there are provisions for indemnification to protect you against any legal claims or liabilities arising from the producer’s use of the screenplay.
Credit and Promotion: Check for provisions regarding how you will be credited in the final production and any promotional materials related to the project.
Termination Clause: Understand the circumstances under which either party can terminate the agreement and the consequences of termination, including any rights to compensation or reimbursement.
Legal Review: Consider having the agreement reviewed by a qualified entertainment attorney to ensure it adequately protects your rights and interests.
By paying attention to these key elements, you can help ensure that the option agreement serves your best interests as a screenwriter.
A good agreement benefits, both sides. It doesn’t mean you Can’t have most of the chips on your side of the table. A good negotiator figure out how to get what they want on their side without rocking the boat of the agreement!!!