![]() The term gives you the time to secure elements like talent, financing, and distribution without worrying about someone else jumping in. The term is exclusive, which means that the copyright holder cannot sell the underlying rights that you have optioned to anyone else during the term. ![]() Option Term: This is the amount of time in which you have to exercise the option to purchase the underlying rights. For example, if the option fee is $50 and the purchase price is $500, your remaining balance will be $450. Sometimes, the option fee is applicable to the purchase price should you decide to exercise the option. The option fee is normally a percentage of the purchase price, such as 10%. Option Fee: This is what you will pay the copyright holder in exchange for the option. An option is not necessary, but it lets you invest only a fraction of the price so that you can determine the viability of the project without the fear that someone else will beat you to it. You first pay a small option fee, and then you have the time to work on your project and assess the risks before you have to pay the full cost of the underlying property or underlying rights. Options: An option is the exclusive right to purchase the underlying property or specific underlying rights within a certain period of time for a set fee. ![]() Here are the key elements to Options and Acquisition Agreements: To acquire the underlying rights to an underlying property, you will likely want to first option the underlying rights. ![]() What underlying rights do you need? That depends on the type of new work you are creating: for film and TV works you would want audio-visual rights, for a book you would want literary rights, for a live stage play you would want stage rights, and so on. The “underlying rights” are the rights that you need to acquire to make your new work. The underlying property can be any type of copyrighted work: book, article, play, film, etc. The “underlying property” is the copyrighted work that you want to adapt. This concept applies broadly to any copyrighted work and the new work that you may wish to create. (In legal terms, the new work would be called a “derivative work.”) For example, you cannot turn a copyrighted book into a movie without first obtaining the necessary rights from the copyright holder of the book. Please do not rely on the information presented in this article without consulting a lawyer for application to your specific facts and circumstances.Ĭopyright law prevents you from making a new work that is based upon someone else’s copyrighted work. Nothing on this website is intended as legal advice, and no attorney-client relationship is created by your access to this article. This article is provided for educational purposes only. ![]()
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