The Option Purchase Agreement Film is a critical document in the Austrian film and entertainment industry, used when a production company or studio wishes to secure the potential right to adapt a creative work into a film without committing to an immediate full purchase. This agreement, governed by Austrian law, particularly the Urheberrechtsgesetz and ABGB, provides a defined period during which the potential buyer can evaluate the project's viability while maintaining exclusive rights. The document includes essential terms such as option duration, fees, purchase price, and rights scope, and must comply with both Austrian national law and EU regulations. It's particularly important in the early stages of film development when producers need time to secure funding, develop scripts, or assess market potential before committing to a full rights purchase.
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1. Parties: Identification of the rights holder and the option purchaser
2. Background: Context of the agreement, identification of the work being optioned, and confirmation of ownership
3. Definitions: Key terms used throughout the agreement, including 'Work', 'Option Period', 'Purchase Price', 'Rights'
4. Grant of Option: Terms of the option, including duration and exclusivity
5. Option Period: Duration of the option, including any extension provisions
6. Option Fee: Amount and payment terms for the option
7. Exercise of Option: Process and requirements for exercising the option
8. Purchase Price: Terms for the purchase price if option is exercised
9. Rights Granted Upon Exercise: Detailed specification of rights transferred upon exercise of the option
10. Representations and Warranties: Guarantees regarding ownership, authority to enter agreement, and work originality
11. Assignment and Transfer: Terms governing the transfer of rights and obligations
12. Termination: Conditions for termination and consequences
13. Governing Law and Jurisdiction: Specification of Austrian law and jurisdiction
14. General Provisions: Standard boilerplate clauses including notices, entire agreement, and amendments
1. Credit Rights: Terms regarding screen credits, used when the rights holder requires specific crediting
2. Profit Participation: Terms for profit sharing, included when the deal includes backend participation
3. Consultation Rights: Rights holder's involvement in development/production, included when creative consultation is part of the deal
4. Merchandising Rights: Terms for merchandise exploitation, included when merchandising is part of the option
5. Remake and Sequel Rights: Terms for additional content creation, included when these rights are part of the option
6. Distribution Territory Restrictions: Specific territorial limitations, included when rights are territory-restricted
7. Original Author's Moral Rights: Specific provisions regarding moral rights under Austrian law, included when dealing with original literary works
1. Schedule A - The Work: Detailed description of the optioned work
2. Schedule B - Option Fee Payment Schedule: Breakdown of option fee payments if paid in installments
3. Schedule C - Purchase Price Calculation: Formula or breakdown for calculating final purchase price
4. Schedule D - Rights Specification: Detailed enumeration of rights included in the option
5. Schedule E - Chain of Title: Documentation proving ownership of rights
6. Schedule F - Required Development Materials: List of materials to be delivered upon exercise of option
7. Appendix 1 - Form of Assignment: Template for the assignment agreement upon option exercise
Authors
Relevant legal definitions
Clauses
Relevant Industries
Media & Entertainment
Film & Television
Publishing
Digital Media
Creative Industries
Intellectual Property
Arts & Culture
Entertainment Law
Relevant Teams
Legal
Business Affairs
Rights Management
Film Development
Creative Development
Acquisitions
Production
Intellectual Property
Content Strategy
Relevant Roles
Entertainment Lawyer
Rights Manager
Film Producer
Development Executive
Literary Agent
Business Affairs Manager
Creative Director
Production Counsel
Contracts Manager
Intellectual Property Lawyer
Acquisitions Manager
Content Strategy Director
Film Development Manager
Rights Acquisition Specialist
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