An option agreement is a legal contract that gives a producer or studio the exclusive right to purchase the rights to a script or project for a specified period. This contract typically includes terms regarding payment, duration, and conditions under which the rights can be exercised. It serves as a crucial mechanism in the film and television industry, protecting the interests of both the writer and the buyer while allowing producers to secure potential projects without committing to a full purchase immediately.
congrats on reading the definition of option agreements. now let's actually learn it.