Option (Entertainment Law) Law and Legal Definition
The term “option” as used in the entertainment industry, is an agreement entered upon between two parties that must come into force by a specific time. This may be usually with regard to a particular property, such as an intellectual property. An actress or actor may enter into an agreement to play a particular character in a film but may be given a time frame to make the decision. This amounts to exercising an option.
Likewise, a producer may purchase the right to a particular book or film-play if they decide to produce the property (book) by a given date. In the event of not contracting to produce the book, the right to the book is considered forsaken and placed back into the market. An option gives a producer the time to find funds, performers, and studios to produce a film. S/he may not meet the option and will accordingly lose all rights to the property.