I will be partnering with someone to write a script based on their book. My production company will option the rights to make this film as a movie. So my big question is, is there a conflict to have the option agreement to be between myself and the book author (as writers) and my production company and myself as Producer? I'm seeking to make the partnership legal and I can do all of that through the Option Agreement. So I'm not sure if I first need to draft a partnership agreement between the two of us and then an Option Agreement between the production company and us as the writers, or put that all in the same Option Agreement. I know this stuff is done all the time but I'm used to dealing in one thing or the other, not both at the same time.
Thanks for any suggestions.
Willem, thanks for the response. I already have a contract with the Author and the both of us will be credited as the screenwriters (though she is more involved from getting the story correct standpoint). My problem is, my production company will be optioning the screenplay from myself and her. To me this seems like a conflict. I am used to the production company optioning the rights and then doing the writing. But she wanted to partner with me on the writing, not the production company. This is my dilemma.
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Yeah, what Willem said. Right off the bat, there's only one option: the book. Only after there's a finished script should there be an option of the script.
I'm thinking this might just be a question for an attorney. I don't think I'm asking my question clear enough so let me try again. I am GETTING the rights to option the story. That's not the problem. The conflict is that my production company will have to option to rights from myself and this other person (as we will be the owners of the screenplay). Usually my company options the rights from an individual and we write the script. This time it's a little different because I will be one of the owners of the script as well. So to me, it seems like there would be a conflict for my company (of which I am the majority owner) will option the rights from myself. So I will be signing the agreement as both grantor and grantee. I'm guessing it's OK, it just doesn't seem typical is all.
Production company should option the rights to the book since this is the entity making the movie. Then a work for hire agreement between said company and writers (yourself included) of screenplay. If the production company is yours, make sure you retain the rights in case you are in conflict with the co-writer.
Douglas, we are the production company too, and that's what makes this odd, but this is the way the author wanted to work things out. They wanted to partner with me on the book, not the production company. Though I may just try to convince them to do this the traditional way in order to make it cut and dry. Your approach seems to be the best way to go otherwise. Get the rights to the book and then hire author and myself as the writers. Thanks for the input.
Yeah, I think that's your best bet Michael. Good luck with it my friend
You're getting the right to option the story? So you have the option to option is what it sounds like. Why don't you just buy the story outright and offer the author a piece of the backside - if there is any. If it turns out that you can't/won't produce the film, you can always quit claim the rights back to the author.
Sorry for my delayed response Doug. We tried to do that but it's not an option at this point in time (unfortunately). We have moved on and I'm right now writing the script. And after that will get the rights to produce the movie. It's a little more cut and dry.