Option Purchase Agreement
Agreement between a literary rights holder (the "seller") and a party interested in purchasing the exclusive option to acquire the rights to their work (the "buyer"). This Agrmt. grants the buyer an exclusive option to acquire the rights to the seller's literary work, typically for a specified period of time and at a specified price. During the option period, the buyer has the right to develop and shop the work for potential buyers, such as film or television studios, in order to secure a deal for the purchase of the rights.
- Option period allows buyers to develop and shop the work for potential buyers.
- Buyer pays option fee within 7 days of executing the Agreement.
- Option fee credited against the purchase price upon exercise of the option.
- Buyer is responsible for all costs associated with the development and shopping process.
- The agreement automatically renews for additional terms unless terminated.
- Either party can terminate Agreement with 30 days written notice.
- Upon expiration or termination, rights revert back to the seller.
- The seller has the discretion to reject the buyer's offers or purchase price.
- Buyer indemnifies and holds Seller harmless for any breach of the Agreement.
- Ensure a secure and fair transaction with this Agreement.
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