“Rapping On Writing — Options, We Got Options!”

Writer Joshua James at his blog Daily Dojo has posted a really informative piece on options:

WHAT IS AN OPTION?

Basically it’s a lease-to-own agreement on an intellectual property. Now that property can be a screenplay (and usually is) but can also be a book, a treatment, a newspaper article … a cartoon strip … a person’s life … a blog, too. Basically a person wants to exploit for profit an intellectual property and pays you rent in the form of an option for a specific amount of time to do so. During the period of the option, the person holding the option is the only person who can exploit the property (which usually means they bring in someone else, of course, but that’s the idea).

Josh knows what he’s talking about as he notes upfront he’s had several projects optioned or re-optioned lately. Topic areas he covers:

WHY NOT JUST BUY IT OUTRIGHT?

FOR HOW LONG?

HOW MUCH SHOULD I CHARGE?

DOLLAR OPTIONS

WHEN SHOULDN’T I SAY NO TO A DOLLAR OPTION?

GET A LAWYER

Whereas almost all of the projects I’ve been involved with were direct purchases or writing assignments, Burg & Myers did have a few things which were option agreements, one of which — Alaska — went on to become a movie. So it does happen — and writers should be prepared to respond. Josh’s post provides a solid basis for understanding the process.

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