| Commentary

271 Terms of option agreement

| Commentary

271 Terms of option agreement

The option period is generally an initial period of at least 12 months, which may be extended by one or more further periods of 12 months or other duration for which the producer will pay additional sums which may or may not be considered advances against the purchase price. The price paid to the author/owner for an option on a work depends on the type of work, the author’s/owner’s status, the identity of the producer and other circumstances, sometimes even including sales performance of the work if it is a book. The amounts paid by

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