Basic business questions

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  • Basic business questions

    In the unlikely event that a new writer sells a spec, does it include at least one rewrite and does that rewrite come with an additional payment?

    Thanks.

  • #2
    Re: Basic business questions

    It just depends.

    I knew of a spec that Steven Spielberg purchased in the 90's for a huge sum--then he blew off the writer and shelved it, just to keep the spec from circulating (it dealt with something he wanted to make). In short he bought the idea.

    So in this case (the kiss off) --nope. No rewrites. In fact I think the writer was promptly escorted off the Univeral lot by armed security men--he was found beaten to a pulp in the Los Angeles River (just kidding).

    But if they dig your spec--and they dig you as a crafter of words, perhaps yes. Most likely yes. Well no--I take that back somewhat (read the LA Times article about the current writing market published a few weeks back. Someone please post a link). They might just pass it off to someone they also dig, who they want to give (or who needs) the gig.

    It all depends. There is not set answer to this question. I'm not sure of the WGA rules with this. Someone will chime in no doubt--please do! I'm not sure if there are WGA rules with this now. Also, your lit-agent could make you a deal for any required pass/es on the spec.

    Like I said, there is no set answer... but maybe I am wrong.

    sT

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    • #3
      Re: Basic business questions

      Originally posted by mariot View Post
      In the unlikely event that a new writer sells a spec, does it include at least one rewrite and does that rewrite come with an additional payment?
      As a general rule, yes to both questions. Often a spec is sold with a "Set" - a rewrite and a polish - attached, although they may not both be gauranteed, the rewrite usually is.

      When you see a sale price of "$400,000 against $800,000" what that means is that the first $400k is the purchase price, and the second $400k is a combination of rewrite fee, polish fee, and production bonuses.

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      • #4
        Re: Basic business questions

        As a general rule, yes to both questions. Often a spec is sold with a "Set" - a rewrite and a polish - attached, although they may not both be gauranteed, the rewrite usually is.

        When you see a sale price of "$400,000 against $800,000" what that means is that the first $400k is the purchase price, and the second $400k is a combination of rewrite fee, polish fee, and production bonuses.


        Here we go.
        I was thinking this was correct--thanks for conformation with this info.
        I do think this is correct.

        But like I said, they/them might just purchase it for the idea (or other reasons) with the intent of blowing you off--so no rewrites in that case. The spec I mentioned above was a Captain Nemo, 20,000 Leagues Under The Sea project that Spielberg purchased just for the idea and to keep it off the market. It has never seen the light of day since the purchase, and there were no rewrites for the author, who's name has never appeared since. A little insider info for you all. heh heh!

        ST

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        • #5
          Re: Basic business questions

          Thanks.

          I thought the additional 400k in that scenario was all production bonus. Thanks for the information.

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          • #6
            Re: Basic business questions

            Originally posted by Takezo View Post
            But like I said, they/them might just purchase it for the idea (or other reasons) with the intent of blowing you off--so no rewrites in that case. The spec I mentioned above was a Captain Nemo, 20,000 Leagues Under The Sea project that Spielberg purchased just for the idea and to keep it off the market. It has never seen the light of day since the purchase, and there were no rewrites for the author, who's name has never appeared since. A little insider info for you all. heh heh!
            Yeah, that does happen, but in practice its pretty rare.

            A good agent/lawyer team will get you a guaranteed rewrite regardless. Now, nobody may read it, they may not care, they may have already hired somebody else ...

            ... but its pretty standard.


            Originally posted by mariot View Post
            Thanks.

            I thought the additional 400k in that scenario was all production bonus. Thanks for the information.
            There are exceptions. Usually the production bonus is contingent on WGA credit, with different amounts for full and shared credit.

            Also, I think the Deja Vu deal was something like $1.5m purchase price, $1m in rewrite/production bonuses depending on credit, and an extra $1m if it went into production, period. So "pure" production bonuses happen, but they're pretty rare.

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            • #7
              Re: Basic business questions

              Lots of misinformation in this thread. When you sell a spec to a wga-sig, you're guaranteed the first rewrite -- or "step." In the 400k example above, that figure typically includes the purchase price and however many steps you've negotiated (1 or 2, in most cases). It typically does not include optional steps, which the company can exercise if they want, and that money would be paid out against the production bonus (the other 400k).

              For example, you sell your spec for 400k against 800k. They pay you 200k to purchase and 200k for one rewrite (the ratios here vary). 400k total, guaranteed. If they choose to exercise an optional step (at, let's say, 100k), then they pay you another 100k for that. But that money comes out of your 400k production bonus, so if the movie gets made, you'd only get paid 300k to make your bonus whole, not 400k.

              Now, just because you're guaranteed the first rewrite doesn't mean they have to want it. They could either just pay you off, or go hire your replacement while you're still off writing. Both happen.

              Hope that helps.

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              • #8
                Re: Basic business questions

                Thanks for explaining that. It helps.

                Are there any basics a new writer should know when it's time to make a first deal? If you have a reputable agent should you be able to trust they will get you everything they can?

                Thanks.

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                • #9
                  Re: Basic business questions

                  Agree with dmizzo 100%.

                  Any reputable agent will handle this, Maroit.

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