Also known as option agreement · script option · rights option
A contract that gives a producer or company exclusive rights to develop and shop a script (or IP) for a set period, usually for a fee, without yet buying the full rights.
An option is a timed exclusive: the buyer can develop, attach talent, and seek financing while you agree not to sell the same rights elsewhere. If they exercise the option, a purchase (or next-step deal) kicks in under the negotiated terms. If the clock runs out without exercise, rights typically revert — read your contract, because "typically" is not a promise.
Options are not compliments that pay rent by themselves. Some are meaningful; some are free or near-free holds that stall your material. Agents and lawyers negotiate reversion, extensions, purchase price, and what happens to your rewrites during the option term. Do not treat a handshake "we're optioning it" as a closed deal.
Keep your draft history clean while a project is under option — dated save points and clear draft lines help you show what existed when. Software cannot interpret your contract. When money, credit, or reversion is at stake, rely on representation and the paper, not a glossary definition.
No. An option means someone paid (or contracted) for exclusive time to try. Many options expire. Green light and production are separate later hurdles.
Sometimes strategically, often not. Free options can park your material while the other side shops without risk. Get advice before granting exclusivity for nothing.
Under many agreements, rights revert to the writer or rights holder unless extended or exercised. Your specific contract controls — do not assume industry folklore.
Often yes under the deal's development terms, and sometimes the company commissions steps. Clarify who owns those rewrites and what happens if the option lapses.
