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Option & Literary Rights Agreement

For a producer or studio acquiring the right to adapt a book, article, script, or life story into a film or show — covers option fee, purchase price, reserved rights, and credit.

Drafted by a Harvard Law entertainment attorney.

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Is this the right contract for your project?

This contract is built for securing the temporary right to develop and later buy source material for a screen project. It fits books, articles, scripts, or other material that needs a set option fee, an option period, a purchase price, and clear terms for which rights transfer.

Good fit for

  • Producers optioning a book, article, or script
  • Studios securing material to develop
  • Authors or rights holders optioning their work
  • Projects that need a set purchase price in advance
  • Anyone who wants clear reversion if the project is not made

You may also need

Before you start

It helps to have these details on hand before you create your contract:

  • The material being optioned
  • The option fee and option period
  • Any extension periods and fees
  • The purchase price if exercised
  • Which rights are granted and which are reserved
  • Credit for the source material
  • What rights revert if the option lapses

What's Inside This Contract

Option grant

Sets the option fee, the option period, and any extensions.

Development rights

Covers what the producer can develop during the option period.

Rights acquired upon exercise

Sets the purchase price and the rights that transfer if the option is exercised.

Representations and warranties

Confirms each side has the right to enter the deal and meet its promises.

Credit

States the source material credit for the owner.

Term

Covers the option period and reversion if the option lapses.

Disputes and general provisions

Covers standard terms such as notices, how disputes are handled, and signatures.

Points Worth Negotiating

  • The option fee and how long the option lasts
  • The purchase price if the option is exercised
  • Which rights are granted and which are reserved
  • Whether and how the option can be extended
  • What rights revert if the project is not made

Frequently Asked Questions

What is an option and literary rights agreement?
It gives a producer the temporary right to develop and later buy source material for a screen project, for a set fee and period.
What is an option?
An option is a temporary, exclusive right to develop or buy material within a set window, for a smaller upfront fee.
What is the purchase price?
It is the amount paid to fully acquire the rights if the option is exercised. The option agreement sets it in advance.
What happens if the option expires?
If the producer does not exercise it in time, the rights revert to the owner. The agreement sets the reversion terms.
What should I have ready before creating it?
Have the material being optioned, the option fee and period, any extensions, the purchase price, which rights are granted and reserved, and the reversion terms.
Should I choose the custom contract or the editable template?
Choose the custom contract to answer a few questions and have it filled in for you. Choose the editable template if you prefer a blank version with labeled fields to complete yourself.
What are common warning signs in an option & literary rights agreement?

These are common issues to watch for in any option & literary rights agreement:

  • Very long or repeatedly renewable option for a small fee
  • Unclear purchase price
  • Broad grant of rights with nothing reserved
  • No reversion if the option lapses
  • Vague description of the material
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