Film Industry Contracts: Key Terms and Concepts, Quizzes of Business Management and Analysis

Download Film Industry Contracts: Key Terms and Concepts and more Quizzes Business Management and Analysis in PDF only on Docsity! TERM 1 Elements of a Contract DEFINITION 1 1. Offer2. Acceptance3 .Consideration a. Bargain for exchange b. Both give something up. TERM 2 Defenses to a Contract DEFINITION 2 Fraud Illegal Incompetence o Person is under influence/unsound mind/intoxication Duress TERM 3 Types of Contracts DEFINITION 3 Written Implied o Words mixed with conduct Oral TERM 4 Rights Granted DEFINITION 4 Definition of what the person is going to do The rights you are given in a contract A definition of what you are going to do What you are giving up or trying to acquire TERM 5 Territory and Term DEFINITION 5 Term how long it exists for Territory where the rights can be exercised o Internet is broadcast everywhere TERM 6 Advance Payment DEFINITION 6 Declare how much you want to get paid Guaranteed money Gross profit participation- percent of box office gross Sometimes recoupable- salary is taken off the top of the box office gross TERM 7 Recoupable Expenses DEFINITION 7 Expenses that you may get back before including profit negotiated TERM 8 Assignment provisions DEFINITION 8 A way to delegate under a contract Rights/obligations Ability to give rights to someone else Ability to reassign obligations, still have to fulfill those obligations (have to limit or restrict them) TERM 9 Definitions DEFINITION 9 Basic clause that lays out terms of the contract and what they mean TERM 10 Right of First Negotiation/Right of Last Refusal DEFINITION 10 1sto Right to negotiate first and lay out min/max terms o If you have a previous contract they have to go back to you first o If doing a sequel/ has min&max terms o Guaranteed certainty that they will be paid Lasto Before they can sign with a third party they have to go to the previous and see if they will match it o If matched, sign with them, if not, you can go somewhere else o Some dont even want to make an offer because it can be taken away (discouragement) TERM 21 Name and Likeness Rights DEFINITION 21 Defines way In which studio can use persons name or likeness Talent wants rights TERM 22 Publicity Restrictions DEFINITION 22 Limits on the talent of what they should say or do (ability) TERM 23 Remedies DEFINITION 23 What happens when all the bad stuff happens (breach, termination, etc) Monetary damages/equitable remedies (based on: fairness injunction) TERM 24 Guilds and Unions DEFINITION 24 Agreement to guild/unions terms and condition Guild police the performance of services TERM 25 Credits DEFINITION 25 Determines how people get their publicity Negotiationhow long? How big? Single? Beginning? End? Scroll of static? TERM 26 Insurance DEFINITION 26 What happens when talent dies Insurance that covers that risk (investment) TERM 27 Employment of Others DEFINITION 27 If hiring assistant, studio not responsible Shifts responsibility TERM 28 Governing Laws DEFINITION 28 Laws vary from state to state TERM 29 Captions DEFINITION 29 Closely related to definitions Captions (bold & big) only for reading TERM 30 Notices DEFINITION 30 Giving notice of breach and how you tell them How you will notify each other when need be TERM 31 Service of Process DEFINITION 31 If going to sue, how going to find party TERM 32 Illegality/Severability DEFINITION 32 If part of contract is illegal, you can ignore it Legal parts will remain TERM 33 Authority DEFINITION 33 Can execute the contract Signer has authority to sign it (agent instead of talent) TERM 34 Entire Agreement DEFINITION 34 This is our entire understanding and agreement Words and conduct before doesnt matter TERM 35 Arbitration DEFINITION 35 Bring in 3rd party to mediate Quicker and cheaper