CONCEPT OF OPTION AGREEMENT
An option agreement is basically an understanding/arrangement
entered into, one step before the assignment,
between the owner of a copyrighted work,
particularly literary work, such as books,
screenplays, stage plays, magazine articles, blogs, etc., and a
potential buyer, usually a producer, who
intends to adapt such literary work into a movie,
TV Show, Web series, etc. or who wants to make a movie, TV Show,
Web Series based on such literary work, wherein the owner
of rights chooses to option the rights to this potential
purchaser.
To option the rights means "to give a right to the
purchaser, exclusively, to make the decision to buy or not to buy,
or to take an acquisition or not take the acquisition of all the
rights in such work, in return for no assurance from the producer
that he would be buying the rights for sure."
