Short-Form Option Agreement: Literary Material (Pro-Purchaser)

A short-form option agreement for use as an ancillary agreement to a literary material option purchase agreement granting a studio, production company, or producer an option to acquire certain rights (underlying rights) in specific, pre-existing source material, such as a published or unpublished book, article, or manuscript (underlying material), for use as the basis for a television (TV), streaming, film, or other entertainment production. This short-form option agreement typically is attached as an exhibit to the option purchase agreement and separately executed and recorded with the US Copyright Office. This Standard Document has integrated notes with important explanations and drafting tips.