Would you let an option expire if there are still a few things in play?

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  • Would you let an option expire if there are still a few things in play?

    Basically, I had my script optioned. The renewal date is on Tuesday. I thought the project was dead. I talked to the director a few weeks ago about letting the option expire so I could get the rights back to my script and he agreed.

    But then the producer out of the blue said he's finally getting the script read by an A-/B+ actor we sent it to a year ago but never heard back from. Then the director said he had a possible source of financing come up last week and sent the script out.

    I know more than anyone that these are longshots (since I've been through this a dozen times before already). But now that these things have happened, nobody has come to me saying they want to renew the option.

    I'm pretty sure that the option expiring and the rights going back to me can only work in my favor. Since if something actually comes through, I'll hold all the cards.

    BUT, the renewal fee for the option is decent. Nothing huge but it could come in handy.

    So my question is, it would be pretty dumb to push for a renewal just to get that renewal fee right?

    The only reason why I even thought of this is just because I know it's like a 90% chance nothing happens with these new developments. So I won't get anything. Also, I don't really see myself working on this script again any time soon. So even if I have the rights back, it's just going into my queue. If I did push a for renewal (and provided they want to renew it) then I would get something. The script would be tied up for another year but I wasn't going to do anything with it anyway for that year.

    The purchase agreements are decent so it's not a bad deal. But having the rights back to my script seems like it could pay off more in the long run.

    Thoughts?

  • #2
    Re: Would you let an option expire if there are still a few things in play?

    Been there, heard that plenty of times. Having an actor read a script means nothing. And them telling you that there's possible financing is also meaningless. If you have a renewal option clause in your contract, they should renew and pay you for the renewal -- or move on. If you have no one else interested in the script right now, you can tell them that you'll give them a non-exclusive shopping agreement for a very limited period (if they don't want to pay you for the renewal) -- but I wouldn't let them extend the exclusive option unless they pay up. No way, no how.

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    • #3
      Re: Would you let an option expire if there are still a few things in play?

      A year ago? Re-new or allow it to lapse because what you have been told is completely meaningless in terms of any progress or benefit for you.
      "Friends make the worst enemies." Frank Underwood

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