Understanding Your Film Rights Purchase Agreement
When it comes to purchasing the rights to produce a film, you’re going to face a lot of paperwork and individual requirements for negotiations. Generally, before you can enter a film rights purchase agreement between yourself and the original copyright owner of a book or other work. Three will be some essential negotiations involving things like ancillary rights, the right to distribute. And of course how much will be paid for the rights to a copyrighted work.
If you’re new to filmmaking, or if this is your first time negotiating a film rights purchase agreement, you might be surprised at all of the different details that must be included and the negotiation points.
Knowledge is power which is why it’s very important for you to know your rights as the filmmaker. As well as to understand what each of the contract terms means, before you sign on the dotted line.
What is a Film Rights Purchase Agreement?
A film rights purchase agreement represents a contract that is entered between you and another party that owns the original copyright to a written work or some other intellectual property. The purpose of the rights purchase agreement is to secure the rights to the copyrighted work.
So that you can produce a film based on it. Basically, the rights purchase agreement provides you with the right to purchase anything. From a movie script or short story to a book or some other form of intellectual property.
When you enter a film rights purchase agreement, you’re purchasing the right to produce a film that is based on the intellectual property at hand.
This can be the right to produce a book to film adaptation. The right to produce a film based on a short story. Or the right to produce a film that is based on a script. All of these pertinent details are included in the film rights purchase agreement.
Assignment of Rights
The key area of importance when it comes to a film rights purchase agreement is the assignment of rights. Generally, the assignment of rights will include some legal statement which basically describes that the agreement provides you with the right to produce a film.
As well as to other ancillary rights, throughout the universe and in perpetuity. This means that once you have the assignment of rights in your name you can legally create a film. Or other products based on the film. And that you will own all rights to such works.
In Summary
The assignment of rights can get complicated and negotiations can be tricky. Agreements that are made might actually limit your rights or exclude some rights if you’re not careful.
As a filmmaker that is seeking to secure the most appropriate rights for your needs, at the lowest possible price point, you want to be sure you fully understand your bargaining power and how to secure the appropriate rights for your project.
Keep this in mind as you enter your film rights purchase agreement. And make the negotiations for any ancillary rights or other important rights which may be valuable to you at this time.
