Hi there,
I have just written a brain dump of my story - based on a true event in my life and have an investor interested in making the feature film.
He has said that he wants me to sign an MOU and will release the development funds a lot later, but not include the fee to option the rights for the story. He said the fee for optioning my story would be separately paid and needs to be accounted for in the overall budget under "story rights", which will then be paid out at a later date.
Is this the standard process?
I would appreciate if anyone can advise me as this is my first feature film. Thanks.
I once got in contact with the Society of Authors about a copyright question (I was trying to locate the author and/or illustrator of a book long out of print, where the publishers had also sunk without trace), and seem to remember the following:
a) They don't give advice/information to non-members.
b) They don't allow anybody to become a member who isn't a PUBLISHED author. (And self-publishing doesn't count.)
Screens out the riffraff (like those of us desperate to break into the field and who could REALLY use their help/advice). Of course, you might be already published, so not have this problem. Also, my memory MIGHT be faulty, or I might have been dealing with the wrong secretary. You might have better luck.
I agree with Lorraine about not signing any contracts until certain of your rights being respected.
I once saw a television play about an author who sold the film rights to his book (or was it an unpublished screenplay?), only to find that the producer only bought the rights (cheap for HIM) in order to suppress the story, so that it wouldn't be bought by a rival which would compete with his REAL project, a film with a similar theme. The writer got money, but his (more important, to him) dream of seeing his film made was quashed.
(This happens in real life: the patent on a revolutionary oil filter - that would have saved car-owners hundreds of litres of oil and meant less profits for the oil companies - was bought... by the oil companies.)
In my own case, I was set up to sign a publishing contract on a children's book. The publisher told me that they never paid an advance to the author, but did do so to the illustrator. This helped decide me to illustrate the book myself (even though I'm not a graphic artist - still, I came up with a brilliant idea to get around that little problem).
At the time, I was in debt to friends, and had no computer. I desperately needed the advance in order to buy a (2nd-hand) computer in order to polish up the illustrations. (They needed MANY hours of work on PhotoShop, see http://jimmsfairytales.com/olivia.htm [For reasons of protecting the images from unlawful copying, I've vandalised them on that web-page, but it gives you an idea...])
Anyway, the contract couldn't be signed until the illustrations had been submitted. (Or at least the rough draughts, pre-PhotoShop.) But when I submitted the rough draughts and asked for the [essential] advance... it was at THAT point that I was informed that the "advance" wasn't paid until all MY work + all the PUBLISHERS' editing work had been finished, and the book was at the printers. (i.e. 3 months before the first royalties based on sales came in anyway, and long after I actually needed the money.)
That contract was never signed... and I became a self-publisher.
Give them a call and ask, Sarah. If they can't help, they may be able to tell you who can. If they can help, it may be worth joining to get their professional advice on contracts - you could lose a lot more money than the £103 it costs to join (unless you're under 35, when it's much cheaper).
The alternative is to find a legal body specialising in contracts and property rights, which would probably cost you more. Never sign a contract without knowing exactly what you're giving away! The other side always look after their own interests - so should you.
Lorraine
Thanks Lorraine but I would need to be a member of their organisation for them to advise me and not sure if they deal with any film related work?