Television programming is mostly predicated upon original teleplays/telescripts or literary/dramatic works licensed from third parties. Such licensing is often negotiated through an option/purchase agreement between an author and a producer/production company. This article seeks to explore some of the salient points of such option/purchase agreements including the term of option, the value of the option, the amount paid for the option, the commencement date of the option, the NET profits paid to the writer for an option, and the exclusive rights granted to a producer for an option.
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