Films are usually based on some form of underlying intellectual property such as a script or treatment. If the person or company wants to have all of his or rights in the film after it is produced, that person will have to also own the rights to the property that underlies the film. An agreement to acquire literary property will accomplish this.
Considerations
When making such an agreement, the parties must pay close attention to the rights being granted. For instance:
1.      Duration: Will have purchaser have the rights for a specific amount of time, or in perpetuity?
2.      Exclusivity: Will the rights granted be exclusive?
3.      Rights: Will the agreement include rights to:
a.      Television
b.     Home video
c.      Internet distribution
d.     Merchandising
e.     Stage performance
f.       Radio performance
g.      Publicity
4.      Infringement: Who will have the right to sue if the property is infringed? Who will reap the benefit of a successful lawsuit?
5.      Sequels: Will the agreement cover any sequels? If so, will the owner of the underlying work receive more granting a sequel right?
6.      Credit: What sort of credit will the owner of the underlying work receive?
It is also important to note that just because you own the material object (e.g., the copy of a script) does not mean you own the copyrights.[1] Thus, an agreement such as should explicitly transfer ownership of copyrights.
Purpose
Films are usually based on some form of underlying intellectual property such as a script or treatment. If the person or company wants to have all of his or rights in the film after it is produced, that person will have to also own the rights to the property that underlies the film. An agreement to acquire literary property will accomplish this.
Considerations
When making such an agreement, the parties must pay close attention to the rights being granted. For instance:
1.      Duration: Will have purchaser have the rights for a specific amount of time, or in perpetuity?
2.      Exclusivity: Will the rights granted be exclusive?
3.      Rights: Will the agreement include rights to:
a.      Television
b.     Home video
c.      Internet distribution
d.     Merchandising
e.     Stage performance
f.       Radio performance
g.      Publicity
4.      Infringement: Who will have the right to sue if the property is infringed? Who will reap the benefit of a successful lawsuit?
5.      Sequels: Will the agreement cover any sequels? If so, will the owner of the underlying work receive more granting a sequel right?
6.      Credit: What sort of credit will the owner of the underlying work receive?
It is also important to note that just because you own the material object (e.g., the copy of a script) does not mean you own the copyrights.[1] Thus, an agreement such as should explicitly transfer ownership of copyrights.
[1] 17 U.S.C. § 202