Writers. We sweat out every inch of our scripts. Writing after work. On trains. By the glow of TV light after our family’s gone to sleep. We agonize over every word. Stress and bleed… all reaching for that blessed day when a studio sends an email: we’d like to offer you an option.
What happens next? Well, angels fly down from the heavens. The chorus sings. BUT – there’s just one teeny tiny problem. Most of us don’t have anything resembling an agent. So how does a writer evaluate the legalese… making sure you get a decent deal, when you sell them your “baby”?
Well – first and foremost – get an entertainment lawyer. No matter what, you’ll need one.
But you need to educate yourself as well. Make sure you understand the basics.
Fortunately, there’s a great primer available on the web: posted originally on ChipStreet. (Folks, this is a terrific website – we recommend you check it out in more depth.) In the meantime, here’s a terrific primer they put together – also available here: http://chipstreet.com/2010/02/02/ten-things-when-you-option-your-script/) Want to chat with Chip some more? His contact information’s available here: http://chipstreet.com/contact/
What does it mean to have your screenplay optioned?
A producer wants to option your script. Should you do it? What are the considerations? Here’s one guy’s opinion.
Now that I’ve been through the option gauntlet a couple of times, I get asked about the experience and the process. It’s a little humbling, cuz I’m just a lucky guy with a couple of options, but I know how much I appreciate when I stumble across some good first-hand info, and figured it would be a good idea to share what I know. So I thought I’d gather my notes together here, in the hopes that it’ll prove useful to others. This is no substitute for having an attorney, mind you… more on that later. But I wish I’d had this list.
Of course, I’m no lawyer, but I did pay one (a really good one, too!) to represent me in my deals. I wanted to learn, so I was involved in the negotiation process, and reviewed each round of revisions on the offers and eventual contracts, asked lots of questions, and took lots of notes. I asked the attorney to mark up the contract with all the items of concern or negotiation he could think of… then I had him go over them with me, and explain things to me that I didn’t understand. I picked out the points I wanted to ask for, and removed items I felt were over-reaching or I just didn’t feel like I needed.
I don’t plan on being so involved in future deals. But now that I’ve got a handle on the basic vocabulary and have some sense of what it is I should be looking for, at least I won’t feel like an outsider in my own negotiations.
Part I is the basics… what is an option, how to respond, and what to expect. Part II is a list of negotiation points and terms that I’m very glad I know about now, and you might like to know about as well.
1 – What is an option?
Producer Bob stumbled across your script on your site, or at InkTip.com, or in a screenplay competition, and has approached you with an offer to “option” it. What’s that mean, exactly?
Granting a producer an option means granting them the exclusive right to develop the script… to try to raise the money to make it, get talent or a director attached, and otherwise exploit the property with the end goal of making your movie. Any time within the option period they can “exercise” the option, and buy your script for an agreed price.
Sounds great, right?
2 – Should you take the option?
Getting optioned is exciting. But it doesn’t mean your film is going to get made… it means someone wants to make your film but doesn’t have the resources yet. If they did have the resources, they’d buy it and make it, right? So what you really want (short of actually selling the screenplay) is to have it optioned by someone who has a high likelihood of getting it made. Because while having a script optioned is great (and it is great, don’t get me wrong) having a script produced is even better. Not just for your ego, but for your career.
Remember too that your scripts are your product, and have value. They’re an investment for you, and like any investment, they should be working for you. I assume that you don’t just write them and stick them in a drawer… you show them to people, put them into contests, post them on screenplay sites (like InkTip.com), right? You want them out there representing you, if not to get sold, to at least be working as writing samples.
But during the time the script’s under option, you’re likely restricted from any further exploitation of your own. That’ll probably include submitting it to any more contests, and certainly means not showing it to any other producers. When your script is under option, it’s “off the market” and is no longer working for you. Now the option has to be working for you, by being more valuable, more likely to lead to production, than having the script “on the market”. So, you want it optioned by someone who’s really got the goods to make things happen.
3 – It’s okay to say no
If you’re approached by an unknown producer with no resources, no previous credits, no financing and no connections, and thus a limited likelihood of getting to production, it’s okay to say no. Your script (assuming it’s a good script, and of course it is, right?) may be more valuable to them than they are to you. Your script may no longer be working for you, either inside or out of the option. (But you don’t have to say no. There may be good reasons to take said chance with Mister unknown resourceless producer… more on that later.)
4 – Get a lawyer
If you’re considering taking the option, let me say this first:
Get a lawyer… not just any lawyer, but an entertainment attorney. I promise you, they will handle things you never dreamed would need to be handled. They will ask for compensations and protections that you didn’t know existed. And you will be better off for it.
Second, partner with your lawyer. I’ve heard people complain long and hard about how their lawyers screwed up deals for them, lost them money or projects or investors. Your attorney works for you… they’re the pro, don’t get me wrong, and avail yourself of their wisdom, but be sure you’re involved enough to sign off on what they’re asking for. In the end, if you let your attorney ask for too much and screw the deal, it’s on you.
Where do you find a lawyer? I can only tell you how I found mine. My first option deal was a no-lawyer friendly deal with a producer I knew from a previous film (I was an art director). I signed an option contract that looked fair to my unschooled eye (and it pretty much was), and it ran its course. When the producer wanted to renegotiate an extension, I took that as an opportunity to look for an entertainment attorney, because I figured it would be easier to find a good one when I could say “There’s an offer on the table… can you help me?”.
Then, I reached out to other screenwriters I know, asked for references, and was recommended to a great attorney in Beverly Hills. I was able to contact his offices, reference this other writer’s name, and say “So and so referred me to you. I’ve got an offer on the table. Can you help?”
The short answer, I guess, is network for recommendations.
5 – Why do you get paid?
So if they’re not making your movie (yet) why do you get paid?
Your script is Intellectual Property (IP), and he with the best IP wins. No script, no movie. (Well, that’s not entirely true… plenty of films go into production with no script, but they’ve usually got big stars or big producers behind them. Iron Man comes to mind as a recent example…) IP has inherent value, and potential value. The inherent value is that it’s legally defensible property that you own and control the rights to. The potential value is, of course, what its resulting film (and all that might go with that… merchandise, novelizations, sequels, serializations, TV series, etc.) will be worth.
When you option the script to a producer, you’re transferring your rights in the IP to that producer to use as her own. It’s no longer yours for the period of the option… it’s now an asset in the producer’s portfolio. Even if the film isn’t made, the rights to that asset — control over the potential — are of value to the producer. Why? A producer with a portfolio of ten good producible scripts she’s got exclusive rights to is in a stronger position with potential financiers, studios, production partners, than is a producer with no rights to any scripts. Make sense?
Because you’re giving up an asset with value and taking it off the market, you should be compensated.
6 – How much will you get paid?
Your option contract should include at least two numbers: the option price, and the purchase price.
The option price is what you get for giving the producer rights to your IP, and taking it off the market. The option price is traditionally 10% of the purchase price, and is yours to keep no matter what happens.
The purchase price is just what it sounds like: at some future point defined in the contract, should the producer raise the funds and resources to make the film, she will “exercise the option” and buy the script from you. This should be prior to the start of principal photography, but could be another negotiated date.
The option price (what you’ve already received) may be applied toward the purchase price… say the purchase is 50K, and you’ve received 5K as the option price (10%). When they exercise, they’ll give you the other 45K. Should they never exercise, you keep the 5K as compensation for being “off the market”. But again, this is all negotiable.
So what is the purchase price?
That’s the trick, isn’t it? If you’re in the Writer’s Guild (WGA), I believe the union minimum right now for a feature script is in the neighborhood of 76K. Of course, the WGA does understand that small movies can’t take that hit, and they’ve got low-budget agreements for those kinds of productions. Ask the WGA for more info – they’re pretty accessible folks, even for non-members.
I’m not currently WGA, and I’m assuming you’re not either. So what do we ask for?
One rule of thumb says the script should account for about 3% of the budget… so if your script is a little indie film that’s being shot on weekends for 50K, figure $1500. A 2MM movie? Shoot for a $60,000 purchase price. Find a balance, and don’t cripple the production with an unreasonable percentage. Be a partner, and an asset, not a financial liability. Instead, negotiate those alternative compensations. Wouldn’t you like to have owned a little backend piece of Paranormal Activity?
7 – What about those “dollar options”?
Again, if you’re in the WGA there are restrictions on how little you can accept… but we’re not WGA. So we’ve got the freedom to strike any deal we want.
The producer may ask you to option your script to them for very little or no money, and while many writers may disagree with me, I don’t think that’s necessarily a bad thing. There are good reasons to take low dollar or free options, especially when you’re early in your career — so long as you’re confident that the producer has a reasonably good chance of reaching production, or you’re otherwise going to get some good value and experience from the option. There’s value in getting the opportunity to work with certain people, for instance, or in being allowed to participate and gain experience in a production role.
If you choose to take the dollar option, just bear in mind that you should be reimbursed for that additional concession. In addition to your purchase price, consider negotiating for other compensations, like backend points, or a higher purchase price, or box office bonuses, a first right of refusal on all paid rewrites, the sequel, remakes, etc. Or consider retaining some or all of other rights in exchange for the dollar option, like the novelization, video game, or merchandising rights.
Or at the very least, if there’s little or no money up front, shorten the option period. Mitigate the “off the market” time you’re willing to endure for zero dollars.
8 – How long will the option be?
Options run 6-12 months (usually). At the end of the option period, the producer may have an “extension clause” they can exercise, to get another 3-6 months or more. But if they do, there should be another payment involved.
At the end of the extension, if they really want to hang on to the script, they can ask you to do another extension, or renegotiate the option, or whatever… but then it’s up to you.
All of these numbers are negotiable… how many months, how many extensions, how much additional payment. You’ll want to balance your desire to work with the producer, the time off the market, the likelihood of production, and make a deal you can live with… because once you sign, you’re obligated.
9 – Will they change my script?
In a word, “Yes”.
Every script, by every writer established or new, will go through changes. During my first option, among many other changes, all the characters had their genders reversed, and (I kid you not) a scene with a giant flying corncob was added. Yup. It all made sense to someone somewhere, and those changes, if they appease the right people, are probably bringing your project closer to production. I mean, come on, people don’t add flying corncobs for simply no reason, do they?
Don’t be married to your script. Filmmaking is a collaborative artform, and your option makes you a part of a team. If you’re so in love with your story and will suffer heartache (that money or a produced credit can’t solve when it gets changed), then put it in that drawer and don’t take it out till you can make it yourself, your way.
Negotiate yourself as the writer of any rewrites, polishes, and punch-ups that might be necessary. Maintain some creative control. Especially if you’re doing one of those dollar-options.
But don’t underestimate the value of having more eyes on your work. There’s a lot to be learned by seeing what another writer does with your stuff, and maybe (just maybe) you’ll like the experience. Maybe, just maybe, you’ll end up sharing credit with a writer of note. And that’s not a bad thing.
If you can, negotiate to protect your credit. Look into the WGA guidelines for which credits mean what. Understand that if WGA writers are brought on to massage your work, they’ll be treated like WGA writers, possibly to your detriment. More on that in Part II.
And this is important – negotiate the rights to any changes or alternative versions created by the producer or on behalf of the producer during the option period. In other words, if the script reverts back to you, so should the rights to any changes made to the script while the producer had it. Otherwise, you’ve got your script back, but the producer potentially still has rights to their version… and now you’re in competition with another version of your script that you don’t control. That’s not a place you want to be.
*EDIT* I received further clarification on this from a well-positioned Hollywood exec and consultant. Check out the post “Who Owns The Rights To Your Screeplay Rewrites“.
10 – So why option?
If you were a producer, wouldn’t you rather spend a little money to guarantee your exclusive rights to a great script, and spend a year testing the waters with financiers, production partners and distributors, than buy a script outright for ten times the money only to discover you can’t gain any traction?
As great as you and the producer might think your script is, the production environment is fickle. Deals fall apart all the time. Movies go in and out of production like fashion and fads. The option lets you and the producer partner together with limited liability and obligations well defined, to try to bring your project to the screen. A carefully written and executed option contract makes for good and honest business partners… and that’s what you are, in the end.
So here’s my philosophy. Enjoy the option for what it is: a vote of confidence in your hard work, and an opportunity to learn and network.
Dream about the option turning into a sale and a produced script… and plan for it in your option negotiations. But from a practical standpoint, consider the option the endgame. The option is a great opportunity to learn more about the business, to meet new people, and make new connections. Take full advantage of it (as much as the producer will allow) and be a participant. Producers (many of them, anyway) want to work with writers who do more than just deliver a script and wait for a check… they want a creative partner. Negotiate your right to rewrite and polish, and attack it with everything you’ve got. Prove yourself a team player and a saleable writer.
This industry is all about relationships anyway. If the movie isn’t made, you’ve spent a year on someone’s radar, in this producer’s office, on the phone, meeting her contacts, and showing yourself to be a professional who delivers and is willing to work and play well with others. You’re in her rolodex, and maybe she’ll refer you to her pals.
That may just prove to be payment enough, when it leads to your next big deal.
In part II, you’ll learn many of the terms, clauses and points of negotiation I’ve become familiar with, so that when you’re talking to your attorney (and your potential producer) you’ll have at least a little vocabulary to lean on.
Okay, so you’ve gotten an option offer, you’ve thought about the 10 things, and you still want to do it. Now it’s time to talk to your attorney, and make some decisions about the negotiation points. Your attorney is going to toss some notes back to you for consideration, and chances are these things are going to be included. (There’ll be lots more than this… from simple typos to wholesale rewrites. But these are the top contenders for “things I think you should know”.)
Ask your attorney to spend some time with you to explain what they mean in the context of your deal… but here’s my take, based on my experience.
DISCLAIMER: I shouldn’t have to say this, but: I Am Not A Lawyer, I am not offering legal advice, and none of the numbers used as examples here should be considered recommendations or as examples of my personal previous contracts (which are none of your beeswax ). They are provided as hypothetical examples only. Talk to your own attorney about your particular deal.
This is a freebie. Either that, or this is really a list of 12 more things to think about. But I use the term “Equity Position” or “Equity Participant” frequently, and I want to make sure you know what that means before we really get started.
Equity (as defined by Wikipedia) is “the value of an ownership interest in property, including shareholders’ equity in a business”.
It means you’ve got an ownership stake in the property, and participate in its upside. When the property increases in value, your piece of it increases in value. You’re an investor.
And of course, should it be worth nothing (and many an indie film is worth just that), so then is your stake.
Your share of ownership in the property is generally defined as a percentage, or points, which brings us to:
1 – Percentage, Points and Net
This is a long one, so let’s get it out of the way.
You may be offered a percentage of “Net Profits”. Most people will tell you that this is worthless, and it may very well be (I’ve had a percentage of Net on all my options, and most of the features I’ve worked on in any other capacity, and so far I haven’t seen a dollar) for two reasons:
- (1) Most films — especially small low-no budget indie films, never get finished. Of those that get finished, most never get distribution. Of those that get any kind of distribution, most genuinely don’t make a profit. So your percentage becomes a percentage of “zero”.
- (2) Of those films that do make a profit, often some very creative bookkeeping takes place to make sure that “net profit” is never achieved (on paper), so again your percentage becomes a percentage of “zero”. (See below)
Some oversimplified round numbers: “Net” is the amount of profit that is left after “Cost” is recouped by the producer. If it costs 50K to make the film, and the film them “Grosses” 100K (in distribution deals, say) that’s a “Net” of 50K. Let’s say you negotiated 5 percent of Net. You get $2500. Simple, right?
Not so fast. What constitutes a “Cost”? The producer may claim other costs besides pre, production and post. There may be M&A (Marketing and Advertising) costs, film fest entries (maybe including her travel and lodging to attend said fests), and so on. You might even see “Producer’s Fees” (a professional fee the producer has set aside for herself to be paid as a “cost” before arriving at “Net”).
So make sure your attorney gets “Net” defined in your contract. You may not completely love the definition you get, but at least it’s non-negotiable. Should you NOT have it defined, it may became very nebulous indeed if the film catches lightning in a bottle and becomes “Paranormal Activity”.
So you arrive at a definition of “Net”, and you’re getting some piece of “Net”. What piece? Sometimes you’ll hear the term “Points” – as in, “we’ll give you 5 Points in the film”. It’s easy to think this means “Percent” (and it might) but it’s not uncommon for the overall Net profit to be split in two — half for the producer, half to be shared among investors and/or other equity participants (like you). That second half is divided into 100 “Points” (sometimes more). So your “5 Points” may really only be 5 Percent of 50 Percent, or 2.5 Percent, of Net.
Further, those Points may be assigned a dollar value… so as funding is being pursued, investors are sold Points at a fixed cost — say 5,000 per Point. Invest 20K, you get 4 Points. If that’s the case, a dollar value is being placed on your contribution (if each Point is worth $100 and you’re getting three Points, that’s valuing your contribution at $300). Make sure the Point value matches the agreed value of your deferred pay – or at least, that you’re comfortable with the valuation.
Lastly, consider the order in which equity participants are paid out. Some agreements may have the cash investors paid back first, until they recoup some percentage of their investment (anywhere from <100% to 110% or more) before “Net” is arrived at. In other words, all the “hard costs” of the film get recouped, then as profits come in it all goes to cash investors until said threshold is hit, THEN other equity participants start getting their cut. Perhaps the “point structure” should mandate you get paid as a CASH investor… with the “first paid”.
Bottom line? You’re not likely to affect how “Net” is defined. But getting it defined in your contract, and then defining WHEN you get paid, sets all expectations, and gives you the power to protect your back end participation should the film ever turn a profit.
2 – Audit and Accounting Rights
Pretty much what it sounds like… particularly important when you’re an equity participant. You want to be able to (reasonably) request access to Accounting information for the purpose of an Audit. You may never need to exercise it (I hope you don’t) but should the “Net” seem mysteriously elusive, you’ll want these rights in writing.
3 – Box Office Bonus
A Box Office Bonus is just that… a bonus paid to you for good box office performance. Hey, if the movie does well, it’ll be in part because of your great script, right? So how does that work?
If the box office gross surpasses the budget of the film (and you’ll want to define what constitutes the “budget” too) you may receive a bonus. This can be a tiered structure as the box office reaches ever higher multiples of the budget. For example:
- $10, 000 when box exceeds 2.5 x budget
- another $10K when box exceeds 3 x budget
- another $10K when box exceeds 3.5 x budget
- a balloon $30K when box exceeds 4 x budget
4 – Set Up Bonus
Another opportunity for a bonus? Yup. You can negotiate a “Set Up” bonus, which pays you a happy little chunk of unexpected change when the project is “Set Up” with either a production or distribution entity.
How much? Think in the neighborhood of 3-5% of your purchase price.
5 – Writing Rights and Fees
Get paid for more writing? Sign me up! See, what the producer is purchasing is rights to your script in whatever version/state it’s in when they optioned it. Once it’s optioned, you shouldn’t still be working on it, unless you’re getting paid for it.
Okay, that’s not entirely true. You want to be a team player, and if this is a low budget project, money might be tight. You may opt to forego fees for rewrites if it helps move the project toward production… imagine Angelina Jolie said she’d consider being attached, if her part were meatier. Are you gonna screw the pooch by demanding another 5K the producer can’t afford?
I didn’t think so.
But you do want to be the writer writing for Angelina, right?
So get first right of refusal on rewrites, polishes and sequels.
If you want to write for free, consider putting a limit on the number of unpaid revisions. Be generous if you like, but protect yourself.
Then, when it’s time for paid rewrites or polishes, you should still be first in line, and you should have a fee defined in the contract.
How much? Entirely dependent on the budget and purchase price. Work it out with your attorney (have you heard me say that too much already?).
6 – Passive Payments
Like to get paid for not working? It could happen.
Imagine the option is exercised, and your script is bought. It goes to production, gets distribution, and sees enough success to warrant a sequel. If you’ve negotiated well, they have to give you first right of refusal to write that project.
But what if you don’t write the sequel? Maybe the notoriety of the original project has got you too busy with new assignments… or maybe they’ve done something terrible to your original concept and you don’t want to be associated with the sequel ;). Whatever the reason, if you’ve negotiated a Passive Payments clause into the sale of the original script, you’ll get paid for the sequel even if you pass on writing it.
How much? You might negotiate your contract to stipulate the fee for writing a sequel as negotiable, with a minimum at least equal to the purchase price of the original. Then, you can negotiate a Passive Payment of 30-50% of the fee you got for the original should you choose not to write the sequel. Make sense?
- Purchase price: $50K
- Write the sequel: Minimum $50K
- Passive Payment (for not writing the sequel): $25K
Remember that any or all three of the above might include some back end participation as well.
Consider also negotiating what credits you might get on a sequel, should you choose not to write it.
7 – Ancillary Rights: What rights are you selling?
Bear in mind that the producer is going to ask for ALL rights… that’s what “all right, title, and interest wordwide and in perpetuity in and to the Property [your script]” means. That’s the right to make it, sell it, exploit and market it in any and all media “now known or hereafter devised”.
That’ll probably include “Ancillary Rights”… merchandising, commercial tie-ups, soundtrack. Happy Meals, action figures, posters and jewelry and Hot Topic paraphernalia.
Even the novelization or serialization of the story in a periodical.
But there may be some rights you can hang on to. Work it out with the producer and your attorney, but I’ve had luck retaining:
- Publication Rights (publish and distribute printed, audio and electronic versions of the Property in book form and magazines).
- Stage Rights (perform the Property or an adaptation on the spoken stage provided no broadcast, telecast, recording, photography, etc is made).
- Radio Rights (broadcast the Property by sound on radio).
- Author Written Sequel (a literary property using one or more characters, participating in different events, in a plot substantially different).
The specifics of these might get complicated, and maybe they’re not of interest to you.
Consider then also ensuring you get get some equity position in all the subsequent merchandising and other exploitation of your script. That might be covered adequately in your back end percentage of producer’s net, but check in with your attorney.
8 – Reversion Rights
What if the producer exercises her option, buys your screenplay, then never makes it? Sure you got paid, but wouldn’t you like to see the film produced? And now it’s sitting on somebody’s shelf collecting dust, never to see the light of day. What if you’d like to get it back and maybe find it a home where it’ll finally get shot?
That’s what Reversion Rights are. Some defined number of years after a purchase (3? 5?) the rights to the script can revert back to you.
But wait, you say… the producer paid for the script. Don’t you have to buy it back?
Nope… you can negotiate a “lien” on the script, which means that they’re paid back as a part of the budget that eventually gets raised for a future production, or out of its profits (as an equity participant), should you succeed in placing the script with another producer. Again, let your attorney work out the details. But consider asking for Reversion Rights if you can.
9 – Arbitration Clause
A basic part of any contract, this clause simply states that should the contract require arbitration, you and the producer agree to abide by arbitration rules of a given state. Usually the state in which the production entity is incorporated.
10 – Get yourself added to E&O Insurance
E & O (Errors and Omissions) Insurance is standard practice for all productions (or should be). It protects the production company from liability should they cause financial harm to another party by way of an error or an omission. So, you want to be protected as a member of the production from liability.
Imagine they screw up and use Toyotas in that big crash scene you wrote, without permission from Toyota, thus inferring that Toyota’s brakes and accelerators kill babies. Toyota takes them to the cleaners. You want that mess to roll downhill to your unprotected hiney? I don’t… so having your name added to the production’s E&O is smart protection.
11 – WGA and Credits Protection
I actually talked a lot about this in Part I but thought it bore repeating here. If you’re not WGA, how can you protect yourself from losing credits or rights to WGA writers who might come on board the project later for rewrites, polishes, etc?
Have it stipulated in the contract that, should the project fall under WGA jurisdiction, you should be deemed a “Professional Writer” and a “Participant Writer” as defined under WGA to determine writing and separated rights.
And while we’re talking credits…
- Story By: You didn’t write the script, but created the source material (article, book, treatment, etc).
- Written By: You wrote the script, and everything is original to you.
- Screenplay By: You wrote the script, based on source material not original to you (article, book, treatment, etc).
And of course all of these can be shared among numerous individuals.
In the end…
Seems like a lot of stuff, right? It is. And this is just the tip of the iceberg. Your attorney might recommend everything from how many copies of the DVD you get, to guaranteeing invites to any festivals the movie plays at, to negotiating first-class flights to the premiere. It’s up to you what to push for and what to let go, but I’ll leave you with this thought (and I’ve said it before):
Be a partner. Don’t cripple the deal, or the production (especially small productions), with unnecessary fees that might either paint you as a prima donna, or worse, keep good money from hitting the screen. When the time comes that you’re negotiating million dollar development deals, then you can play hardball if you must (I know I will. I love me some First Class).
I personally have tried to focus on a fair price, first rights of refusal for paid rewrites and sequels, and protecting my credits.
I hope you have every opportunity to huddle up with your attorney, and negotiate a fair contract that forges a real partnership with a great producer that turns into many more projects.
Till then, good luck. Check in and let us know about your success stories (or horror stories). And if you’ve got anything to add to the above (corrections welcome) hit me up in the comments section.
A few words about Chip: Chip Street is an IMDB credited indie screenwriter, director, and art director. His short films have screened at festivals, and his feature screenplays have been optioned and sold. He is a screenplay analyst, competition finalist, screenplay judge for a major industry competition, screener for an International film festival, founder of Write Club Screenplay Challenge, and a respected blogger on the art and business of screenwriting. He’s been published or cited by The BlueCat Competition Newsletter, Script Magazine, JohnAugust.com, Bleeding Cool, NoFilmSchool, ScriptTips and IndieWire.com.